Grafine Partners and Atlantic Ridge Capital have partnered to acquire Paragon Films in a transaction valued at approximately $900 million. Atlantic Ridge will lead the investment and work with Paragon’s management team to support the company’s next phase of growth.
The transaction is expected to close in the fourth quarter of 2026. It also represents a significant milestone in the strategic relationship between Grafine and Atlantic Ridge, which began when Grafine became an early institutional partner and investor in Atlantic Ridge’s inaugural fund.
Founded in 1988 and headquartered in Broken Arrow, Oklahoma, Paragon Films manufactures technologically advanced stretch films used to secure and protect products during storage and transportation. The company has developed proprietary formulations and manufacturing processes designed to provide strong load containment while allowing customers to use thinner-gauge films.
Paragon’s Thinner. Stronger. Greener. approach is designed to combine performance with cost and sustainability benefits. The company says its products can provide customers with 20% to 30% cost savings while using 20% to 40% less film, helping reduce material consumption and waste.
Paragon serves more than 20,000 end users across food and beverage, consumer products, e-commerce, retail, and industrial markets. Grafine and Atlantic Ridge see opportunities to build on the company’s differentiated market position, product innovation, customer relationships, and exposure to resilient end markets.
Atlantic Ridge focuses primarily on middle-market industrial technology businesses and plans to bring operational resources, including digital and artificial intelligence capabilities, to support Paragon’s continued development. The investment firm works with management teams to scale, improve, and modernize portfolio companies while pursuing long-term growth opportunities.
Grafine’s investment strategy combines institutional capital with partnerships involving sector-specialist investors. The Paragon transaction reflects that model by bringing together Grafine’s investment capabilities and capital with Atlantic Ridge’s industrial technology expertise.
KEY QUOTES:
“Our underwriting gave us strong conviction in Paragon’s business and long-term growth potential. The Company has many of the characteristics we look for in an investment: a differentiated competitive position, durable demand, strong fundamentals and multiple avenues for value creation. The opportunity exemplifies the strength of our investment model in action, combining the deep sector expertise of our investment partners with Grafine’s own investment capabilities and institutional capital.”
Elizabeth Weymouth, Founder And Managing Partner Of Grafine Partners
“Paragon has built a differentiated business through a relentless focus on product performance, innovation and its customers. We see significant opportunity to build on that foundation and are excited to partner with Grafine on this investment. Grafine has been a strategic partner since our inception, and its investment expertise, capital and long-term perspective have been instrumental in bringing this transaction together.”
Eytan Tigay, Founder And Managing Partner Of Atlantic Ridge Capital
