Paragon Medical set to be acquired for $1.9B
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A medical device manufacturer in Kosciusko County will soon be under new ownership. New York-based private equity firm American Securities LLC announced Tuesday it has reached an agreement to sell Pierceton-based Paragon Medical to Ametek Inc. in an all-cash deal valued at $1.9 billion.
Headquartered in Berwyn, Pennsylvania, Ametek bills itself as a global provider of industrial technology solutions. The company owns a variety of businesses serving different markets, including medical and health care.
Paragon Medical manufactures a variety of medical products and components, including orthopedic implants, surgical instrumentation, and single-use disposable devices and assemblies.
“Paragon meaningfully expands our presence in the MedTech space and provides us access to attractive new market segments with strong growth rates. Its products and capabilities nicely complement Ametek’s existing medical businesses enabling geographic and customer expansion opportunities,” Ametek CEO David Zapico said in a news release.
Founded in 1991, Paragon Medical has grown to $500 million in annual sales and more than a dozen locations throughout the world, including offices in Warsaw and Indianapolis.
Paragon Medical employs about 2,500 people globally.
In June, the company marked the opening of a $16 million additive manufacturing plant in Pierceton, which specializes in 3D printing of medical devices.
Paragon Medical was acquired by American Securities in 2020 when it purchased the life sciences division of Tennessee-based NN Inc. for $825 million. NN acquired the company in 2018 for $375 million.
“In collaboration with Paragon’s exceptional management team, we are proud to have helped grow the Company and to have created significant value for our investors,” American Securities CEO Michael Fisch said. “This transaction crystallizes management’s successful execution of Paragon’s strategy.”
The acquisition remains subject to regulatory approvals and customary closing conditions. A spokesperson for Paragon Medical told Inside INdiana Business the deal is expected to close in the first quarter of 2024.