Paragon Gifts Acquired by Reliant Equity Investors

Reliant Equity Investors LLC of Chicago has acquired Paragon Gifts Holdings Inc., parent company of The Paragon and Bits and Pieces catalogs and Web marketing companies, from a group of private investors and the principal shareholder Wand Partners of New York. Terms for the acquisition were not disclosed.

The new owners have formed a new company BlueSky Brands Inc., based in Allston, MA, with the intention of acquiring and operating a portfolio of multi-channel consumer direct marketing companies.

One of the investors in BlueSky Richard T. Hebert has been named CEO. Alan Segal, founder and president of Bits and Pieces has been named executive vice president of merchandising for BlueSky. Stephen Rowley, CEO of Paragon will service as an advisor and consultant to Hebert.