Kingswood Capital Management Enters Into a Definitive Agreement to Acquire Coveris’ Paper Unit, Rebrands as Paragon Print and Packaging
Kingswood Capital Management, LP (together with its affiliates, “Kingswood”) announced today that it has entered into a definitive agreement to acquire Business Unit Paper (“BU Paper”) from Coveris, a global manufacturer of paper and plastic packaging solutions. As part of the transaction, BU Paper will be rebranded Paragon Print and Packaging (“Paragon”), restoring the unit’s original name. Jo Ormrod, Chief Operating Officer, will serve as Paragon’s Chief Executive Officer, and the existing company management will remain in place. The transaction is expected to close in several weeks, subject to customary legal and regulatory requirements.
Paragon produces high-quality, sustainable paper-based packaging solutions, including for key end markets such as food, household, and personal care. The company, which was established in 1994, specializes in products like self-adhesive and linerless labels, lined board, cartons, and trays using eco-friendly materials.
“We are excited about our next chapter with Kingswood,” said Jo Ormrod. “We are proud to return to our legacy name Paragon, a brand customers know and trust going back over three decades. I’m incredibly proud of what the team has built and I’m looking forward to working with the entire Kingswood team as we grow as a standalone company while continuing to deliver the high-quality, sustainable solutions our customers have come to expect.”
“We were impressed with Paragon’s market position, strong product lineup, and exceptional business leadership,” said Andrew Kovach, Managing Director at Kingswood. “The Paragon brand has strong recognition across the UK and continental Europe for reliability and excellence, and as companies around the world seek more sustainable packaging solutions, we see tremendous opportunities for growth for the company.”
“Paragon has an enduring legacy as a trusted provider of sustainably produced solutions,” said Alex Wolf, Founder and Managing Partner at Kingswood. “We’re looking forward to supporting Jo and the rest of the leadership team as they join the Kingswood portfolio and embark on the next chapter as a standalone company.”
This marks Kingswood’s latest complex corporate carve-out transaction and further expands the firm’s experience with global market-leading businesses. In just the last two years, Kingswood has acquired Daramic, a global manufacturer and supplier of lead battery separators, from Japanese-based diversified chemical company Asahi Kasei, and Kodak Alaris, a global technology company specializing in data capture, processing, and photo products and services, from the United Kingdom Pension Protection Fund. This month, Kingswood acquired Safran Passenger Innovations, a leading global provider of in-flight entertainment and connectivity, from French-based parent Safran, operating in high-tech aviation, defense, and space markets. The company has been renamed RAVE Aerospace.
Jefferies served as exclusive financial advisor to Kingswood on the transaction and Kirkland & Ellis LLP served as legal counsel.
About Paragon Print and Packaging
Paragon Print and Packaging, established in 1994, manufactures high performance, sustainable packaging solutions across various industries for a diverse customer base that spans the United Kingdom and Europe. Specializing in products such as self-adhesive and linerless labels, lined board, cartons, and trays, Paragon uses eco-friendly materials and adheres to high environmental compliance standards to ensure responsible sourcing. With a strong focus on recyclability and circularity, the company helps customers meet their environmental goals through efficient and responsible packaging solutions.
About Kingswood Capital Management, LP
Kingswood Capital Management, LP partners with leading companies in the middle market which stand to benefit from its capital and extensive operating resources. Kingswood embraces complexity and believes it is well-positioned to support businesses at inflection points in their development to enhance value. Based in Los Angeles, Kingswood is a cohesive, entrepreneurial team with a long history of shared success developing “win-win” partnerships with its portfolio companies and management teams. For more information, please visit the Kingswood website at www.kingswood-capital.com.
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