New owners for Paragon Print and Packaging which has one of its 10 factories in Wisbech

PARAGON Print and Packaging, - which has a 40,000 square feet factory in Wisbech- has been bought by private equity group Sun European Partners.

Lincolnshire-based Paragon, which has nine other manufacturing sites around the UK and employs more than 1,200 people, was previously owned by private equity investor Equistone Partners Europe and co-investor LDC.

Paragon provides labels, sleeves, cartons, films and lined boards to Tesco, Asda, Sainsbury’s, Morrisons, Waitrose and Marks & Spencer, and food manufacturers such as Bernard Matthews, Cranswick, Greencore and Vion.

Equistone has owned Paragon for around five years, during which time the business has increased its turnover from �113million to �171million.

Equistone director Andrew Murtagh said: “We are extremely pleased to have been able to work alongside Paragon’s exceptional management team.

“Together we have ensured that, despite a challenging economic backdrop, the company has performed strongly through a measured acquisition strategy and consistent organic growth.”

Mark Lapping chief executive of Paragon Print & Packaging, said: “The company is in a good position to continue its growth under Sun European Partners’ ownership.”