<p>The Chicago-based private equity firm is acquiring Paragon Films Inc. just weeks after selling off its majority interest in plastic bag maker Novolex.</p> <p>Founded by Mike Baab in 1988, Paragon has locations Broken Arrow, Okla.; Taylorsville, N.C., and Union Gap, Wash.</p> <p>Paragon makes stretch films &ldquo;principally used to unitize loads while in storage and transit,&rdquo; the new owners said.</p>