PIERCETON — Beecken Petty O’Keefe & Company, a leading Chicago-based private equity firm focused exclusively on the healthcare industry, announced that it has entered into a definitive agreement to sell PMG Intermediate Holding Corporation, the parent company of Paragon Medical to NN, Inc., a diversified industrial company based in Johnson City, Tenn.
The transaction is expected to close in the second quarter of 2018 and is subject to customary closing conditions and regulatory approval.
Headquartered in Pierceton, Paragon Medical creates partnerships with its customers by providing premier engineering, manufacturing and logistics services from concept of a project to commercialization. With facilities throughout the United States, Asia and Europe, Paragon Medical is viewed as a model of excellence for its ability to meet the critical demands of a dynamic medical device global market.
BPOC partnered with Paragon Medical in 2013 with a vision of building upon Paragon’s long history of strong customer relationships and reputation for manufacturing high-quality products.
“We are proud of what we have accomplished over the last several years and grateful for our relationship with BPOC,” Tobias “Toby” Buck, Paragon’s founder, president and CEO said. “Our teams have worked side-by-side in the true spirit of partnership to build upon Paragon’s great foundation. We sincerely appreciate all of BPOC’s support, resources and guidance.”
“It’s been a privilege to partner with Paragon Medical over the past five years and support the company in its pursuit of multiple growth strategies, including investments in improved manufacturing, expansion of its global footprint, and increased infrastructure development,” said Dave Cooney, managing director of BPOC. “We are proud to have worked with the entire Paragon management team through an important phase of growth and wish them success in their next chapter of growth with their new partner, NN, Inc.”
William Blair & Company is acting as the financial advisor to Paragon and Paul Hastings is serving as the legal advisor.