Mediahuis Ireland has acquired Paramount Packaging, a supplier of packaging products based near Arklow, Co Wicklow, for an undisclosed sum.
Mediahuis, the publisher of the Irish Independent as well as other national and regional news titles, bought Paramount through its logistics and supply chain subsidiary Reach Group, saying the acquisition was in line with its strategy to support its news wholesale business.
The Belgium-headquartered European publisher said this would protect its route to market for its Irish print titles, which also include the Sunday Independent, the Sunday World and the Belfast Telegraph.
One of Reach Group’s businesses is Newspread, which distributes newspapers and magazines nationally, including The Irish Times. Amid a long-term decline in the printed media market, the company has expanded in recent years into a much broader provider of wholesale and distribution services to the grocery retail sector.
Paramount is a supplier of food, industrial, luxury and pharmaceutical packaging products to “an extensive range” of business customers throughout Ireland.
Mediahuis Ireland chief executive Peter Vandermeersch said the deal would have the effect of prolonging the lifespan of its print publishing titles, by combining Paramount’s packaging products with Reach Group’s logistics infrastructure and customer base.
“This acquisition is evidence of our continued commitment to diversifying our wholesale division, to support the distribution of our print products to the widest possible audience for the longest possible time.”
Paramount chief executive James Kavanagh said he looked forward to helping its customers avail of a greater range of products through Reach. The company, established in 1997, is an importer, distributor and supplier of premium paper and environmentally friendly packaging solutions.