Paragon Films produces high-performance stretch films for transit packaging distributors in the food and beverage, consumer products, logistics and industrials end markets
Rhône Group closes acquisition of Paragon Films. (Credit: Pixabay)
Private equity firm Rhône Group, through its affiliates, has completed the acquisition of US-based Paragon Films from Wellspring Capital Management Group for an undisclosed sum.
Based in Broken Arrow, Oklahoma, Paragon Films is engaged in the manufacturing of high-performance stretch films for transit packaging distributors in the food and beverage, consumer products, logistics and industrial end markets.
Established in 1988, the company produces different recyclable hand and machine stretch films, which deliver load containment and puncture resistance to packaging distributors and end-users.
Paragon Films CEO Darin Tang said: “Wellspring’s sector expertise and network of resources allowed us to exceed our growth expectations despite the challenging operating environment presented by the Covid-19 pandemic.
“As we embark on this next chapter with Rhône, we thank Wellspring for its stewardship and support over the last several years.”
With plants in Oklahoma, North Carolina, and Washington, Paragon Films serves customers in all the 50 US states, as well as Canada, Mexico, South America.
In addition, the company serves multiple international locations across a wide variety of industries.
Wellspring stated that Paragon’s advanced formulations and culture of technical expertise have established the company as the leading high-performance stretch film manufacturer in North America.
Wellspring managing partner and co-president John Morningstar said: “Our partnership with Paragon represents another successful investment for our firm in the packaging sector.
“Over time, the Company has become a thought leader in high-performance film with a demonstrated value proposition centred around quality and tangible cost savings for the end-user.”
Paul, Weiss, Rifkind, Wharton & Garrison acted as legal counsel to Wellspring on the transaction, while R.W. Baird and Rothschild acted as financial advisors to Paragon.
In March this year, Wellspring Capital completed the acquisition of US-based packaging company Rohrer from ShoreView Industries.