Rhone has agreed to sell Paragon Films, the Broken Arrow, Oklahoma maker of high performance stretch and shrink films, to Atlantic Ridge Capital and Grafine Partners for about $900 million, the parties announced. The transaction is expected to close in the fourth quarter of 2026, subject to customary conditions.
Atlantic Ridge leads the investment in partnership with Paragon’s management team, with Grafine, an original backer of Atlantic Ridge at its formation, as a significant investment partner. Paragon is Atlantic Ridge’s debut investment, and the firm says it ranks among the largest first transactions by a newly launched private equity firm.
Paragon, founded in 1988, makes proprietary films used to secure products in storage and transit for more than 20,000 end users across food and beverage, consumer products, e commerce, retail and industrial markets. Its pitch is material efficiency: thinner films that use 20 to 40 percent less material while holding loads, according to the buyer announcement.
Rhone bought Paragon in December 2021 and says profits grew organically by more than 50 percent during its ownership, alongside US capacity expansion and a first acquisition, Mexico based Xpack Films in August 2025, which added shrink film and an international production base.