Wed, 11 Feb 2026 | DIVISION SALE
US private equity firm Kingswood Capital Management has agreed a deal to acquire Business Unit Paper, a 1,400-strong paper and label business operating around the UK and in Europe, from manufacturing group Coveris.
Following the acquisition, the unit will operate as a standalone entity under its former name, Paragon Print and Packaging. The company’s existing management will remain in place, with Chief Operating Officer Jo Ormrod serving as Chief Executive.
Founded in 1994, Paragon produces sustainable paper-based packaging used in end markets including household, food and personal care. The business specialises in products including lined board cartons, trays, self-adhesive and linerless labels.
Jo Ormrod commented: "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."
Coveris Chief Executive Christian Kolarik said that Paper Business Unit had been “consistently and successfully developed” since it was established in 2020.
Kolarik added that the unit’s “current level of maturity led to the joint decision by Sun Capital and management to divest the business, allowing a clear strategic focus on core EMEA flexible packaging activities.
Andrew Kovach, Managing Director at Kingswood, said: "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."
Alex Wolf, founder and managing partner at Kingswood, added: "Paragon has an enduring legacy as a trusted provider of sustainably produced solutions. 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."
The deal includes sites in Leeds, Boston, Cramlington, St Neots, Blandford, Spalding and Wisbech.
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