Atlantic Ridge Capital to Acquire Paragon Films for About $900 Million With Management and Grafine Partners:

Atlantic Ridge Capital has agreed to acquire Paragon Films, a manufacturer of ultra-high-performance stretch films, for about $900 million, according to a GlobeNewswire release and firm announcements. The transaction includes management and Grafine Partners. It is Atlantic Ridge's debut investment, and it is expected to close in the fourth quarter of 2026, subject to customary conditions.

Paragon supplies high-performance stretch film used to unitize and protect palletized goods across industrial and retail supply chains. Packaging platforms of this type typically offer stable volume tied to the movement of goods, pricing power in specialty grades, and opportunities to expand capacity or add adjacent product lines once under private ownership.

Debt financing is being provided by BMO and Santander, according to the announcements. The structure pairs bank leverage with sponsor equity, which is notable for a first transaction by a new firm. Closing in the fourth quarter would give Atlantic Ridge an operating industrial asset as the anchor of its portfolio before it builds out a broader set of holdings.

Debut deals of this size are closely watched because they establish a firm's underwriting template. A roughly $900 million packaging acquisition with management rolling over alongside Grafine suggests Atlantic Ridge is targeting established industrial niches rather than early-stage platforms, and that it is willing to commit a large amount of capital on day one. For limited partners evaluating new private equity managers, the Paragon process will test Atlantic Ridge's ability to source proprietary industrial deals, secure bank financing, and execute a close on schedule. Until funding and regulatory conditions are satisfied, the $900 million figure remains the agreed purchase price rather than a completed exit for sellers.