Cast stretch film extruding specialist Paragon Films Inc. has a new private equity owner.
Rhône, an investment firm with offices in London, New York and Madrid, announced the purchase Nov. 11. Terms were not disclose.
Paragon has manufacturing sites in Broken Arrow, Okla., Taylorsville, N.C., and Union Gap, Wash. The company is No. 41 in Plastics News' ranking of North American film and sheet manufacturers with sales of $185 million.
The seller is New York-based Wellspring Capital Management LLC, which bought Paragon Films from Wind Point Partners in 2019. Broken Arrow-based Paragon was founded in 1988.
Eytan Tigay and Lucas Flynn, managing directors of Rhône, said in a news release that they intend to "capitalize on favorable secular macro trends in transit packaging, and the continued adoption of more sustainable product offerings."
Rhône plans to complete the deal by the end of 2021.