Financing Arranged for Paragon's Buy of German Med Division
Posted
Staff Report-
BOSTON – Citizens Bank announced today it has arranged new financing for Pierceton-based Paragon Medical to fund its acquisition of a German company’s medical device division. Paragon announced in January it will acquire the medical device division from Michael Bubolz Group, headquartered in Stuhr, Germany, and with a facility in Siechnice, Poland. Michael Bubolz Group manufactures close-tolerance surgical instrumentation, implantable orthopedic components and complete sterile pack products. The medical device business will be consolidated into the facility in Poland, where it will employ over 200 people and occupy over 40,000 square feet. “Citizens was able to draw on its international expertise to structure a financing that will allow us to continue our growth globally,” Toby Buck, Paragon CEO, president and chairman is quoted as saying in the announcement. “The Citizens bankers have been excellent financial partners who offer innovative ideas and provide great service.” Russ Herakovich, managing director and head of Healthcare Finance for Citizens Commercial Banking, said in the announcement, “Paragon does a terrific job of delivering high-quality products to their customers. They have the financial strength and know-how to expand internationally and we are very pleased to be able to help the Paragon Medical management team achieve their business goals.” Paragon, a precision contract manufacturer for the global orthopedic industry, was incorporated in 1991 and now has facilities in the U.S., Europe and China. Citizens Commercial Banking is seventh-ranked overall U.S. middle market bookrunner and fifth for sponsored deals, the announcement states, citing the Thomson Reuters league tables.
