NEW
YORK, Oct. 31, 2023 /PRNewswire/ -- American
Securities LLC, a leading U.S. private equity firm, today announced
that it has entered into a definitive agreement to sell Paragon
Medical ("Paragon" or the "Company"), a global industry leader in
highly engineered medical components and instruments, to AMETEK,
Inc. (NYSE: AME) ("AMETEK"), a leading global provider of
industrial technology solutions, in an all-cash transaction valued
at approximately $1.9 billion. The
transaction is subject to customary closing conditions, including
applicable regulatory approvals.
Founded in 1991 and based in Pierceton, Indiana, Paragon provides a
diverse, industry-leading product portfolio of world-class
solutions to blue-chip and emerging original equipment
manufacturers ("OEMs") across diverse medical end markets. By
leveraging its fully-integrated commercial, operations and
organizational infrastructure, the Company aims to deliver superior
performance in product quality, reliability, innovation, and
customer service.
"Since our acquisition in October
2020, Paragon has made significant investments to expand its
capabilities and better serve its customer base, including the
construction of a state-of-the-art additive manufacturing facility
in Pierceton and the expansion of
its global footprint," said Will
Manuel, a Managing Director of American Securities.
"Paragon's success in the face of supply-chain challenges brought
on by the pandemic is a testament to the expertise of its
leadership team and the critical nature of its offerings, and the
Company is poised to build on this momentum for future growth."
"Over the course of our partnership, Paragon has continued to
support its OEM customers and helped launch innovative new products
that save, sustain, and improve lives," added Michael Fisch, Founder and CEO of American
Securities. "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. This transaction
crystallizes management's successful execution of Paragon's
strategy. We look forward to Paragon's continued growth and
evolution as it enters its next phase under AMETEK's ownership
umbrella."
"American Securities has been an outstanding partner to us as we
have navigated unprecedented macroeconomic challenges and surpassed
ambitious growth milestones," said Paragon CEO Wil Boren. "Our partnership has enabled us to
advance our mission of helping healthcare manufacturers turn new
innovations into market-leading products, and we are excited about
the opportunities ahead for our employees and customers as we begin
this new chapter."
Jefferies LLC and Piper Sandler Companies acted as financial
advisors to Paragon. Weil, Gotshal & Manges LLP and Hunton
Andrews Kurth LLP served as legal counsel to American Securities
and Paragon.
About Paragon Medical
In today's challenging
healthcare environment, you're looking for a contract manufacturer
to help simplify the complexities of supply chain and expedite
commercialization. As your trusted partner with a shared commitment
to quality, you will feel confident as we come alongside to serve
as an extension of your team by delivering world class operational
excellence and SIOP planning through over a century of combined
expertise in high-precision manufacturing, advanced engineering,
and design support.
For more information on our services, global operations, or
about joining our team visit www.paragonmedical.com or follow
us on LinkedIn
at www.linkedin.com/company/paragonmedical/.
About American Securities
Based in New York with an office
in Shanghai, American Securities
is a leading U.S. private equity firm that invests in
market-leading North American companies with annual revenues
generally ranging from $200 million
to $2 billion. American Securities
and its affiliates have more than $27
billion under management. For more information,
visit www.american-securities.com.
Contact:
Prosek Partners
Pro-AmericanSecurities@prosek.com
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SOURCE American Securities LLC