Paragon Successfully Completes €585M Refinancing to Deliver a Platform for Continued Global Growth

Paragon, a leading global business services firm specialising in brand services and outsourced services announces the successful completion of a major refinancing transaction. This secures a robust and flexible capital structure designed to support the Group’s ambitious global growth strategy.

The transaction involved two components: the issue of a €450 million bond on the Eurobonds market and a parallel €135 million Revolving Credit Facility (RCF) with key banks, including BNP Paribas, NatWest, HSBC, Barclays and Commerzbank. The notes received a B+ instrument rating from S&P and Fitch. S&P cited Paragon as a market leader with clients who are the world's largest and most resilient brands, while Fitch noted its good baseline revenue visibility.  

Jeremy Walters, Chief Executive Officer at Paragon, commented, “We are no longer Europe’s best-kept growth secret. The launchpad provided by this successful refinancing will help us do the deals that take us into new markets globally. It also helps us drive further development in our latest technology-enabled solutions to deliver growth and efficiency at new levels for our customers. This is a key moment in Paragon’s success story.” 

The bond offering, which matures in 2030, results in a stable capital structure and combined with the RCF, which creates strong liquidity, delivers investment flexibility to fuel Paragon's global growth strategy.

Paragon’s growth strategy focuses on:

• Driving Innovation and Diversification: This includes developing rigorously tested AI and Cloud solutions for regulated customers to enable transformative efficiency gains in data management and customer experience. The funding will also support track and trace capability for sustainability and the continued automation of co-packing and fulfilment facilities.
• Strategic Global Expansion: The capital structure will empower Paragon’s growth into new territories, including opportunities in the US and MENA (Middle East & North Africa).
• Targeted M&A: The €135 million RCF provides financial flexibility for a targeted M&A strategy. This flexible funding will enable deals that bring innovative capabilities, increased scale in existing markets, and expansion into new geographical markets outside of Europe.

The experienced team that grew Paragon from a regional company to a global force continues to lead their strategy.  

Martin Edstrom, Chief Financial Officer at Paragon, added, “This successful refinancing marks a pivotal moment for Paragon. The new capital structure provides a robust and flexible platform to continue to execute our global growth strategy and invest in further innovation. We are grateful for the continued support of our relationship banks and to new bond investors for validating the market opportunity available to Paragon.”