Paragon Medical to be sold to Tennessee company
The parent of Pierceton-based Paragon Medical Inc. has reached an agreement to sell the business to NN Inc., a diversified industrial company based in Johnson City, Tenn.
PMG Intermediate Holding Corp., Paragon’s parent, has been owned by Chicago-based Beecken Petty O’Keefe & Co., a private equity firm focused exclusively on the healthcare industry, since 2013. BPOC announced the deal, which is expected to close during the current quarter on April 3.
Paragon Medical provides engineering, manufacturing, and logistics services from concept of a project to commercialization. With facilities throughout the United States, Asia, and Europe, the company plays a significant a global role in the medical-device market.
“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 in the announcement. "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."
Paragon Medical employs 530 workers at its Pierceton plant, according to Business Weekly’s most recent list of top medical device manfacturers.
NN Inc. is a manufacturer of high precision metal and plastic components and assemblies for a variety of markets. It employs more than 5,000 workers in North America, South America, Eastern Europe, Western Europe and Asia.