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NN agrees to acquire Paragon Medical

NN, a diversified industrial company, has agreed to acquire PMG Intermediate Holding, the parent company of Paragon Medical for $375m in cash.

Paragon Medical is a medical device manufacturer which focuses on the orthopedic, case and tray, implant and instrument markets.

NN anticipates the transaction will close in the second quarter of 2018 and is subject to customary closing conditions and regulatory approval. 

SunTrust Robinson Humphrey is acting as the financial advisor to NN, and Bass, Berry & Sims PLC is serving as the legal advisor to NN.

Paragon Medical creates partnerships with its customers by providing premier engineering from inception of a project to its completion.  Paragon works with customers in the development of value engineered products that meet the demands of a changing global market. 

Paragon Medical CEO and founder Tobias Buck said: "Combining our great franchise with NN under their Life Sciences division is an exciting opportunity for Paragon's customers and associates.  NN's focus on delivering engineered solutions that help their customers bring new products to market aligns perfectly with Paragon's core mission and values.

“The combined company creates a dynamic portfolio that meets our customers' needs across a broad platform of end markets and product offerings."

NN president and CEO Richard Holder said: "I look forward to welcoming the Paragon team to the NN family.  The acquisition of Paragon Medical fits perfectly with our strategic plan and stated goal of expanding our life sciences portfolio.”

NN, Inc., a diversified industrial company combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. 

Source: Company Press Release