US-based industrial company NN has signed a definitive agreement to purchase medical device manufacturer Paragon Medical’s parent organisation PMG Intermediate from private equity firm Beecken Petty O’Keefe (BPOC) for $375m.

Paragon Medical develops medical devices for orthopaedic, case and tray, implant and instrument segments. It offers premier engineering, manufacturing and logistics services from the initiation through commercialisation of a project.

The firm has operations in the US, Asia and Europe, and focuses on meeting the demands of the global medical device market.

“When completed, the transaction is expected to enhance NN’s life sciences portfolio by boosting its technical abilities as well as its products and finished devices.”

Paragon Medical president, CEO and founder Tobias Buck said: “Combining our great franchise with NN under their life sciences division is an exciting opportunity for Paragon’s customers and associates.

“The combined company creates a dynamic portfolio that meets our customers’ needs across a broad platform of end markets and product offerings.”

BPOC originally invested in Paragon Medical in 2013 to support the production of quality products and bolster existing customer base.

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BPOC managing director Dave Cooney said: “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.”

Subject to customary closing conditions and regulatory approval, the acquisition is set to be completed in the second quarter of this year.

When completed, the transaction is expected to enhance NN’s life sciences portfolio by boosting its technical abilities, as well as its products and finished devices.