AMETEK Inc said on Tuesday that it had entered into a definitive agreement to buy Paragon Medical, a provider of highly engineered medical components and instruments, from affiliates of American Securities LLC.
The all-cash transaction is valued at nearly $1.9 billion and is subject to customary closing conditions.
Based in Pierceton, Indiana, Paragon Medical has about $500 million in annual sales. The firm serves a wide range of specialty applications, including orthopedics, minimally invasive surgery, robotic surgery and drug delivery.
“We are excited for the opportunity to acquire such an outstanding business,” David Zapico, AMETEK’s Chairman and Chief Executive Officer, said in a press release.
“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,” the CEO added.
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