Paragon Gifts sold

Abstract

Private equity firm Reliant Equity Investors in March bought Westerly RI-based Paragon Gifts Holdings, parent of gifts titles The Paragon and Bits and Pieces, from a group of private investors that included principal shareholders of New York-based Wand Partners. Reliant formed BlueSky Brands for the purposes of the acquisition, terms of which were not disclosed. The Paragon deal is emblematic of what is known as an executive-in-residence driven acquisition, in which the acquiring entity, partners with and installs a seasoned catalog executive to run the purchased business.