Private Equity Firm Buys Paragon Gifts
Reliant Equity Investors LLC said yesterday that it acquired The Paragon Gifts Holdings Inc. from a group of private investors. Terms were not disclosed.Paragon is the parent company of The Paragon and Bits and Pieces direct marketing brands, which offer gifts, home decor, accessories, puzzles and games through catalogs and Web sites.
Reliant, Chicago, a private equity firm, also said it created BlueSky Brands Inc., Allston, MA, to operate the two properties.
"These acquisitions will form the nucleus of our emerging portfolio of direct-to-consumer marketing businesses; our vision is to acquire, integrate and grow a family of leading multichannel direct-to-consumer marketing companies focused on the sale of gifts and household products to the middle market," BlueSky CEO Richard Hebert said in a statement.
Alan Segal, founder/president of Bits and Pieces, will serve as executive vice president of merchandising at BlueSky. Stephen Rowley, CEO of Paragon Gifts Holdings, will remain as a consultant.
Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters
