AMETEK to Buy Paragon Medical for $1.9 Billion

AMETEK has begun a deal to acquire Paragon Medical, a provider of highly engineered medical components and instruments, from American Securities affiliates. The deal is an all-cash transaction valued at about $1.9 billion.
 
Paragon Medical serves applications including orthopedics, minimally invasive surgery, robotic surgery, and drug delivery. The company’s portfolio includes single-use and consumable surgical instruments and implantable components for a diverse customer base of medical device manufacturers.
 
The company has yearly sales of about $500 million and is based in Pierceton, Ind. AMETEK is a provider of industrial technology solutions, with annual sales over $6 billion.
 
“We are excited for the opportunity to acquire such an outstanding business,” AMETEK chairman and CEO David A. Zapico told the press. “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.”
 
In July, Paragon opened its new Advanced Surgical Innovation Center, located on the company’s existing campus in Southington, Conn. The facility has 4,000 square feet of engineering and rapid prototyping space dedicated to product innovation, process and equipment development, production, and assembly to support the drug delivery and advanced surgical markets.