Flexible plastic and paper packaging manufacturer Coveris has agreed to sell its labels and board business to US private equity firm Kingswood Capital Management, with the deal expected to complete in the first quarter of the year. The sale will allow Coveris to maintain its strategic focus on core flexible packaging activities, it said.
The transaction was signed in January 2026 and is subject to customary completion conditions. The divested business will operate as a standalone entity under its former name, Paragon Print and Packaging. Jo Ormrod, chief operating officer, will serve as Paragon’s chief executive officer, and the existing company management will remain in place.
Andrew Kovach, managing director at Kingswood, said the business was impressed with Paragon’s market position, strong product lineup, and exceptional business leadership. He noted that its brand has strong recognition across the UK and continental Europe for reliability and excellence and that, as companies worldwide seek more sustainable packaging solutions, there are “tremendous” opportunities for growth.
Alex Wolf, founder and managing partner at Kingswood, added that Paragon has an enduring legacy as a trusted provider of sustainably produced solutions and that Kingswood would look to support Ms Ormrod and the leadership team as they join Kingswood’s portfolio and embark on the next chapter as a standalone company.
For Coveris, CEO Christian Kolarik, commented: “Since its establishment in 2020, the Paper Business Unit has been consistently and successfully developed. We are proud about the achieved performance and its current level of maturity led to the join decision by Sun Capital and management to divest the business, allowing a clear strategic focus on core EMEA flexible packaging activities. We are confident that the Paper Business is well positioned for continued growth under new ownership.”
Upon the closing of the deal, the Coveris operations will consist of 17 flexible manufacturing facilities in EMEA and UK, with a sales volume of €600 million (£522 million) and a workforce of 2500 employees. Paragon Print and Packaging will operate with a sales volume of EUR 270m and a workforce of 1400 colleagues.
