AMETEK agrees to acquire Paragon Medical

AMETEK has entered into a definitive agreement to acquire Paragon Medical, a provider of highly engineered medical components and instruments, from affiliates of American Securities in an all-cash transaction valued at approximately $1.9 billion.

Paragon Medical serves a wide range of specialty applications including orthopaedics, minimally invasive surgery, robotic surgery, and drug delivery. Paragon's product portfolio includes single-use and consumable surgical instruments and implantable components sold to a diverse blue-chip customer base of leading medical device manufacturers.

David A. Zapico, AMETEK chairman and chief executive officer, said: "We are excited for the opportunity to acquire such an outstanding business. 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.”

Paragon Medical has annual sales of approximately $500 million and is headquartered in Pierceton, Indiana. The transaction is subject to customary closing conditions, including applicable regulatory approvals.