Coveris’s Business Unit Paper has become a standalone business under the name Paranova Print and Packaging, following the completion of its acquisition by Kingswood Capital Management.
Incorporating 10 production facilities (nine in the UK – Wisbech, St Neots, Leeds, Boston, Cramlington, Amberley Boston, Amberley Blandford, and Rivendell and the Pack Positive Centre, both in Leeds; and one in Brno in the Czech Republic), Paranova says it has the capability to produce high-quality, sustainable paper-based packaging solutions, including for food, household, and personal care.
The company claims to specialise in products like self-adhesive and linerless labels, lined board, cartons, and trays, using eco-friendly materials.
It is reported that the Paranova business will number 1,400 employees, operating with sales of €270m (£235m). The name Paranova is rooted in original name Paragon and “Nova” meaning new, signalling its new beginning as an independent organization.
It has a more than three-decade history, said Paranova, as “a trusted partner to customers, suppliers, and the broader packaging industry”.
“We are excited to officially enter the Kingswood family and proud to introduce Paranova Print and Packaging as our new identity,” said Jo Ormrod, CEO of Paranova. “We listened closely to our colleagues and customers and decided on an identity that represents the new opportunities ahead of us with Kingswood, combining the legacy of excellence and a renewed focus on innovation, sustainability, and long-term value creation.”
Andrew Kovach, partner at Kingswood, added: “We’re looking forward to working with Jo and the entire team as they embrace the next chapter of growth through their new identity. Paranova is a fresh and distinctive new brand that embraces what established the company’s reputation and what will drive and inspire its evolution.”
