Packaging company Duo Plast has been acquired by Paragon Partners, a Munich-based investment firm.
Duo Plast manufactures packaging films for food and beverage as well as agriculture and other industries.
It is being sold by Frankfurt-based investment company VR Equitypartner GmbH, which along with co-investor Süd Beteiligungen GmbH (SüdBG) acquired the majority shares in Duo Plastic six years ago.
The current management team at the firm said that it is working in partnership with Paragon Partners to expand its owner-led culture.
'Working Together'
"We look forward to working with Paragon Partners and believe we can work together to build on the track record of the past and build on Duo Plast's strong positioning," commented Erich Steiner, CEO of Duo Plast.
"Together with Paragon, we will expand capacity at all locations for our customers and step up their investment in research."
Paragon Partners is an investment firm with €1.2 billion in managed equity capital for investments in medium-sized companies in Germany, Switzerland and Austria.
Commenting on its acquisition, Edin Hadzic, co-founder and managing director of Paragon Partners, said, "We are thrilled with Duo Plast's long-term technology leadership, innovation and stable customer base. We look forward to working together to further develop Duo Plast and to support the next phase of growth with fresh equity."
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
