Coveris sells paper unit to Kingswood for US$321.2M, rebranding as Paranova

AUSTRIA – Coveris has completed the sale of its paper packaging business to Kingswood Capital Management, with the new independent entity rebranded as Paranova Print and Packaging and retaining €270 million (approximately US$321.2 million) in annual revenue.

The deal was initially signed in January, with the business unit operating independently before the separation was finalized.

Jo Ormrod, CEO of Paranova, expressed excitement about entering the Kingswood family and pride in introducing Paranova Print and Packaging as the company’s fresh identity.

A Name That Bridges Past and Future

The name “Paranova” links the company’s earlier identity with its new status. “Para” is rooted in Paragon, the original name, while “Nova” signals a new beginning. Initial announcements had suggested a return to the legacy name Paragon Print and Packaging.

Ormrod explained that the team listened closely to colleagues and customers and settled on an identity that represents new opportunities ahead, combining a legacy of excellence with renewed focus on innovation, sustainability, and long-term value creation.

What Paranova Brings to the Market

Paranova develops paper packaging products for the food, household, and personal care sectors, including self-adhesive and linerless labels, lined board, cartons, and trays made from environmentally conscious materials.

The portfolio serves brand owners and converters seeking fiber-based alternatives to plastic across European markets.

With approximately 1,400 employees and €270 million (approximately US$321.2 million) in annual revenue, Paranova ranks as a significant player in the European paper packaging sector.

Kingswood’s Perspective

Andrew Kovach, partner at Kingswood Capital Management, expressed enthusiasm about working with Ormrod and the team as they embrace the next growth chapter.

He described Paranova as a fresh, distinctive brand that embraces what established the company’s reputation and what will drive its evolution.

Kingswood’s acquisition strategy typically focuses on middle-market businesses with growth potential and strong customer relationships, characteristics Paranova brings in abundance.

So, What Does this Mean for the Industry?

For the packaging industry, the Coveris-Kingswood transaction demonstrates continued private equity interest in specialized paper packaging assets.

As brand owners seek to replace plastic with fiber-based alternatives, companies like Paranova that offer labels, cartons, and trays from sustainable materials are positioned for growth.

Under Kingswood’s ownership, the industry will watch whether Paranova accelerates its expansion in sustainable paper packaging or deepens its presence in existing food and personal care markets.

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