Paragon Medical
Paragon Medical ("Paragon") is an outsourced orthopedic contract manufacturing organization, manufacturing surgical instrumentation tools, cases and trays, and implantable components for medical device manufacturers.
Past
Status
2013
Investment Date
2018
2018
Exit Date
Pierceton, IN
Location
N/A
Revenue
Products & Distribution
Sector
BPOC Value Creation
Proactive Sourcing
BPOC had developed a thesis in the contract manufacturing sector and had established multiple executive relationships in the market. BPOC worked with Founder and CEO Toby Buck three years in advance of partnering with him on Paragon.
Growth
In 2015, Paragon acquired the medical products assets of a Poland-based medical device contract manufacturing organization. As part of the integration effort in 2015 and 2016, Paragon added 51,000 square feet of new manufacturing capabilities and capacity to the manufacturing facility to meet increased client demand.
Human Capital
Paragon named Steve Meyer, BPOC Operating Partner and former CEO of Welch Allyn, Chairman of the Board, to support Toby Buck and the Paragon management team on strategic planning and prioritizing key initiatives. Paragon also reorganized its sales function and hired Strategic Account Managers to focus solely on key client relationships, resulting in significant revenue growth with these customers.
Technology and Operations
BPOC and management undertook a multi-year facility management and strategy project focused on operational efficiencies that generated significant margin expansion. Also, over the BPOC investment period, over $40 million was invested in new and upgraded equipment to facilitate accelerated growth.
Details on case studies have been included for illustrative purposes only and have been selected in order to provide examples of the types of investments made by BPOC and do not purport to be a complete list of investments. A complete list of BPOC investments is available upon request.
Details on selected active and former investments have been included for illustrative purposes only and have been selected in order to provide examples of the types of investments previously made by BPOC that fit within the current investment strategy; select investments do not purport to be a complete list of investments. Representative Past investments only include portfolio companies commencing with Fund III, which represents the time of the current partners tenure and the same investment strategy currently being deployed. Fund I and Fund II investments are included in the full list of investments here: (https://bpoc.com/all-investments/).
See other examples of value creation
See other examples of value creation
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