Johnson City, Tennessee, May 7, 2018 –NN, Inc., (Nasdaq: NNBR) a diversified industrial company, today announced that it successfully completed its acquisition of Paragon Medical, Inc. Paragon Medical is a medical device manufacturer which focuses on the orthopedic, case and tray, implant and instrument markets.
Richard Holder, President and CEO, commented, "We are thrilled to welcome the Paragon team to the NN family. Paragon Medical enhances our technical proficiencies, diversifies our product and finished device offerings, and adds key employees that will make impactful contributions throughout the organization. This acquisition continues our strategic focus to expand our Life Sciences portfolio as well as create a balanced business."
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. Headquartered in Johnson City, Tennessee, NN has 51 facilities in North America, Western Europe, Eastern Europe, South America and China.
Except for specific historical information, many of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These, and similar statements, are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of NN, Inc. (the "Company") and its subsidiaries to differ materially from those expressed or implied by this discussion. All forward-looking information is provided by the Company pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "assumptions", "target", "guidance", "outlook", "plans", "projection", "may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe", "potential" or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. Factors which could materially affect actual results include, but are not limited to: general economic conditions and economic conditions in the industrial sector, inventory levels, regulatory compliance costs and the Company's ability to manage these costs, start-up costs for new operations, debt reduction, competitive influences, risks that current customers will commence or increase captive production, risks of capacity underutilization, quality issues, availability and price of raw materials, currency and other risks associated with international trade, the Company's dependence on certain major customers, and the successful implementation of the global growth plan including development of new products. Similarly, statements made herein and elsewhere regarding pending and completed transactions are also forward-looking statements, including statements relating to the future performance and prospects of an acquired business, the expected benefits of an acquisition on the Company's future business and operations and the ability of the Company to successfully integrate recently acquired businesses or the possibility that the Company will be unable to execute on the intended redeployment of proceeds from a divestiture, whether due to a lack of favorable investment opportunities or otherwise.
For additional information concerning such risk factors and cautionary statements, please see the section titled “Risk Factors” in the Company’s periodic reports filed with the Securities and Exchange Commission, including, but not limited to, the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements make in this press release, whether as a result of new information, future events or otherwise.24682302.7
Chicago, IL - Beecken Petty O’Keefe & Company (“BPOC”), a leading Chicago-based private equity firm focused exclusively on the healthcare industry, announced today that it has entered into a definitive agreement to sell PMG Intermediate Holding Corporation, the parent company of Paragon Medical, Inc., to NN, Inc. (NASDAQ: NNBR), a diversified industrial company based in Johnson City, Tennessee. 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, Indiana, 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. Tobias “Toby” Buck, Paragon’s founder, President and CEO, commented: “We are proud of what we have accomplished over the last several years and grateful for our relationship with BPOC. 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.
Beecken Petty O’Keefe & Company is a Chicago-based private equity management firm founded in 1996 to invest in middle-market buy-out transactions, recapitalizations, and growth platforms in the healthcare industry. BPOC has structured, managed and realized investments on behalf of institutional and individual investors for over two decades. Since inception, BPOC has raised four funds with aggregate capital commitments of over $1.4 billion.
Paragon Medical is a tier 1, turnkey supplier of world-class solutions for custom and standard surgical instrument delivery systems, custom and standard surgical instrumentation, implantable components, and design and development services to the medical device marketplace.
Incorporated in 1991 and headquartered in the orthopaedic capital of the world, Paragon has created strategic centers of excellence within the United States, Europe and Asia. Offices and production facilities are located in Pierceton, Indiana; Indianapolis, Indiana; Smithfield, Utah; Lausanne, Switzerland; Changzhou, China and Siechnice, Poland.
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. Headquartered in Johnson City, Tennessee, NN has 44 facilities in North America, Western Europe, Eastern Europe, South America and China.
CEO, President, and Founder, Toby Buck, gives his insight on reshaping the tools of the trade and rising single-use instrument adoption and surgeon ergonomics. The article can be found in the January/February issue of Orthopaedic Design & Technology or online: Reshaping the Tools of the Trade