American Securities Announces Agreement to Sell Paragon Medical

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