AMETEK Inc. on Tuesday announced that it has entered into a definitive agreement to acquire Paragon Medical from affiliates of American Securities LLC in an all-cash transaction valued at approximately $1.9 billion.
Headquartered in Pierceton, Paragon Medical is a leading provider of highly engineered medical components and instruments, according to a news release on AMETEK’s website.
Paragon Medical serves a wide range of specialty applications including orthopedics, minimally invasive surgery, robotic surgery and drug delivery. Paragon's product portfolio includes single-use and consumable surgical instruments and implantable components sold to a diverse blue-chip customer base of leading medical device manufacturers, the release states.
"We are excited for the opportunity to acquire such an outstanding business," said David A. Zapico, AMETEK chairman and chief executive officer. "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.”
Paragon Medical has annual sales of approximately $500 million.
In June 2023, Paragon Medical celebrated its new additive manufacturing facility grand opening. On Sept. 5, Paragon Medical announced the acquisition of Industrial Anodizing Inc. On Sept. 18, Paragon Medical announced the acquisition of Whimet Inc.
The acquisition of Paragon Medical by AMETEK is subject to customary closing conditions, including applicable regulatory approvals.
AMETEK is a leading global provider of high-tech industrial solutions serving a diverse set of attractive niche markets with annual sales over $6 billion. Founded in 1930, AMETEK has been listed on the New York Stock Exchange for over 90 years and is a component of the S&P 500.
For more information, visit www.AMETEK.com.