Beecken Petty O’Keefe & Company Announces Agreement To Sell Paragon Medical
Posted
Staff Report-
CHICAGO – Beecken Petty O’Keefe & Company, a Chicago-based private equity firm focused on the health care industry, announced today that it has entered into a definitive agreement to sell PMG Intermediate Holding Corp., the parent company of Paragon Medical Inc., to NN Inc., an industrial company based in Johnson City, Tenn.
The transaction is expected to close in the second quarter of this year and is subject to customary closing conditions and regulatory approval, according to a news release.
Headquartered in Pierceton, Paragon Medical provides engineering, manufacturing, and logistics services from concept of a project to commercialization. It has facilities throughout the United States, Asia and Europe. BPOC partnered with Paragon Medical in 2013.
Tobias “Toby” Buck, Paragon’s founder, president and CEO, said, “We are proud of what we have accomplished over the last several years and grateful for our relationship with BPOC. Our teams have worked side by side in the true spirit of partnership to build upon Paragon’s great foundation. We sincerely appreciate all of BPOC’s support, resources and guidance.”
Dave Cooney, managing director of BPOC, said, "It's been a privilege to partner with Paragon Medical over the past five years and support the company in its pursuit of multiple growth strategies, including investments in improved manufacturing, expansion of its global footprint and increased infrastructure development. We are proud to have worked with the entire Paragon management team through an important phase of growth and wish them success in their next chapter of growth with their new partner, NN Inc."
William Blair & Company is acting as the financial advisor to Paragon, and Paul Hastings is serving as the legal adviser.
