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AMETEK has signed a definitive agreement to acquire US-based Paragon Medical from American Securities affiliates in an all-cash deal valued at $1.9bn.

Paragon Medical supplies medical components and instruments to original equipment manufacturers across diverse medical end markets.

The company sells its single-use and consumable surgical instruments and implantable components to medical device manufacturers.

Its solutions are utilised in various speciality applications, including robotic surgery and drug delivery, minimally invasive surgery and orthopaedics.

Paragon is focused on leveraging its fully integrated commercial, operations and organisational infrastructure to deliver better performance in innovation, product quality and customer service.

Established in 1991, the company has approximately $500m in yearly sales.

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Ametek chairman and CEO David Zapico said: “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 deal is subject to customary closing conditions, including necessary regulatory clearances.

American Securities founder and CEO Michael Fisch said: “In collaboration with Paragon’s exceptional management team, we are proud to have helped grow the company and to have created significant value for our investors.

“This transaction crystallises management’s successful execution of Paragon’s strategy. We look forward to Paragon’s continued growth and evolution as it enters its next phase under Ametek’s ownership umbrella.”

Piper Sandler Companies and Jefferies served as financial advisers to Paragon.

Weil, Gotshal & Manges and Hunton Andrews Kurth acted as legal counsel to American Securities and Paragon.