Sun European buys UK packaging businesses

Thu, 03 Jan 2013 | BUSINESS SALE

Two packaging companies have been bought by Sun European Partners, it has been confirmed.

The firm spent a total of £400 million in the purchase of Lincolnshire-based Paragon Print & Packaging and Rexam's cosmetics division.

Sun European bought a 49 per cent stake in Paragon from Equistone and LDC for an undisclosed sum. Rothschild were drafted in as the financial advisers for Equistone, on the deal, with Pinsent Masons providing legal advice. Boston Consulting and PwC also provided advice on the handover.

KPMG stepped in to advise Sun European on their financial side of things, with DLA Piper working on the legal issues.

The purchase comes at a time of consolidation for the packaging industry as a whole. Speaking to City AM, Davy Stockbrokers analyst Barry Dixon said: “There's been a move towards higher-quality consumer packaging especially given the rise of discount retailers such as Aldi and Lidl who use consumer-ready packaging not just for transporting goods but for shelving and marketing.”

Paragon manufactures the packaging and labels used by major firms including Tesco and Boots. It saw revenues of around £170 million in 2012.

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