Coveris has completed the sale of its business unit paper (BU Paper) to Kingswood Capital Management.

The business will take the new name Paranova Print and Packaging as it separates from Coveris.

Paranova CEO Jo Ormrod commented: “We are excited to officially enter the Kingswood family and proud to introduce Paranova Print and Packaging as our new identity."

The deal was signed in January. 

At the time, Coveris revealed that the unit will operate independently with annual revenue of €270m ($321.2m) and around 1,400 employees.

Kingswood partner Andrew Kovach said: “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.”

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 company said the new name links its earlier identity with its new status. “Para” is rooted in Paragon, the company’s original name, and “Nova” signals its new beginning as an independent organisation.

Initial announcements had suggested the business would return to its legacy name, Paragon Print and Packaging.

Ormrod added: "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.”