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Kingswood Capital Management along with its affiliates, Kingswood, have entered into a definitive agreement to acquire BU Paper from Coveris
Coveris, a global manufacturer of paper and plastic packaging products, has sold its Business Unit Paper (BU Paper) division to Kingswood Capital Management, together with its affiliates – Kingswood.
The deal means that BU Paper will be rebranded to Paragon Print and Packaging (Paragon) which is a restoration of the unit’s original name.
Kingswood Capital Management says it partners with leading companies in the middle market which stand to benefit from its capital and “extensive operating resources”. The company is based in Los Angeles and describes itself as a “entrepreneurial team with a long history of shared success developing ‘win-win’ partnerships.
Jo Ormrod, who has worked at Coveris Group since 2008, and currently works as president of BU Paper, will serve as Paragon’s chief executive officer with the existing company management remaining in place.
Paragon Print and Packaging, established in 1994, manufacturers high-performance, sustainable packaging solutions across a variety of industries for customers across the UK and Europe. Speciality products include self-adhesive and linerless labels, lined board, cartons, and trays using eco-friendly materials.
Speaking about the acquisition, Ormrod says BU Paper are excited about its next chapter with Kingswood, adding: “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.”
In the last two years Kingswood has acquired a series of manufacturers and providers in the technology, chemicals, and aerospace sectors. The latest acquisition was overseen by exclusive financial advisor, Jefferies, and Kirkland & Ellis as legal counsel.
Andrew Kovach, managing director at Kingswood, says: “We were impressed with Paragon’s market position, strong product lineup, and exceptional business leadership. 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 Print and Packaging is not connected to Paragon Group, a business services company that specialises in marketing services and customer communications. Last year Paragon Group purchased display and brand activation provider, Service Graphics, for an undisclosed amount.
