Paragon Print receives £110 million from Investec
Investec Growth and Acquisition Finance secured a £110 million (US$167.4 million) integrated debt facility for Paragon Print and Packaging Group. The printing and packaging company is comprised of four divisions of suppliers which distribute printed labels, lined board, film, artwork, and carton. Paragon Print and Packaging Group was bought by Sun European Partners' subsidiary earlier this year.
The debt incorporates a blend of amortizing and revolving term loans to be utilized to fund the company's senior secured acquisition debt.
The group has headquarters in the United Kingdom, with ten manufacturing houses spanning 650,000 square feet. The company posted a turnover of £170 million. Over 1,800 customers are serviced by the company, including famous names such as Tesco, Sainsbury's, Morrisons, Asda, M&S, Waitrose and Iceland.
"We are delighted to have supported Sun on this transaction, having also funded the Britton transaction two years ago. In Paragon, they have acquired a market-leading business with a best-in-class management team led by Mark Lapping and Karl Bostock," said James Cullen of Investec Growth and Acquisition Finance.