Stellex Capital Management Completes Acquisition of Paragon Metals
NEW YORK & LONDON--(BUSINESS WIRE)--Feb 4, 2019--Paragon Metals, LLC (“Paragon” or the “Company”) today announced the completion of its acquisition by affiliates of Stellex Capital Management (“Stellex”), a middle market private equity firm with offices in New York and London.
With three manufacturing facilities in southern Michigan, Paragon is engaged in the business of manufacturing, distributing, sourcing and importing complex, tight tolerance precision machined components and assemblies serving the automotive, heavy truck and general industrial markets. Following completion of the transaction, Bruce Swift, a widely respected automotive industry veteran, will serve as Paragon’s Chief Executive Officer. Mr. Swift was most recently Chief Executive Officer of Diversified Machine, Inc., a leading supplier of fully engineered chassis and powertrain components. During his tenure at Diversified Machine, the company realized six-fold growth, enabling a local Detroit company to become a global player within their industry.
Stellex and Mr. Swift have a long history of working together to buy, build and operate automotive suppliers. “We are thrilled to partner with Bruce Swift again through this transaction. Together with David Smith, Paragon’s VP of Sales, this partnership will enable Paragon to leverage its current customer base and achieve multiple growth opportunities,” said Mike Stewart, Managing Partner of Stellex. “We intend to invest a significant amount of capital in Paragon to expand the business both organically and through acquisitions in the automotive supplier industry.”
“We are tremendously excited about the acquisition of Paragon,” added David Waxman, Managing Director at Stellex. “We believe Paragon is an exceptional business with deep industry know-how and excellent customer relationships. We look forward to partnering with the Company to deliver the next chapter of its growth through the combination of a customer-focused approach and operational excellence. Paragon is a leader in the automotive machining space and one of the few companies capable of producing large volumes of precision parts, with challenging engineering and design and build timelines.”
“We are delighted to be partnering with Stellex,” Bruce Swift commented. “With Stellex’s support, Paragon is well positioned to address customers’ evolving requirements. We are excited about driving the business to unparalleled levels of quality, innovation, and operating efficiency with a partner that is committed to investing significantly in our people, technology, and infrastructure.”
About Paragon Metals
Paragon Metals, LLC is a leading manufacturer of complex, tight tolerance precision machined components and assemblies. Paragon’s broad process expertise is complemented by a growing reputation as a product expert across various applications. The Company’s products are found on many critical applications such as: transmission, driveline, engine, chassis among other industrial applications. Paragon is adept with multiple materials, including iron, aluminum, steel, and other light metals. For more information please visit: www.paragonmetals.com/
About Stellex Capital Management
Stellex is a private equity manager that invests in and oversees U.S. and European corporate assets. Stellex’s focus is on middle-market companies going through business or industry transitions, as well as special situation opportunities. Stellex seeks to identify and deploy capital in opportunities that have the potential to provide stability, improvement, and growth for its portfolio companies. For more information please visit: www.stellexcapital.com.
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CONTACT: Laura Brophy
KEYWORD: UNITED KINGDOM UNITED STATES EUROPE NORTH AMERICA MICHIGAN NEW YORK
INDUSTRY KEYWORD: SMALL BUSINESS MANUFACTURING AUTOMOTIVE MANUFACTURING ENGINEERING STEEL OTHER MANUFACTURING AUTOMOTIVE PROFESSIONAL SERVICES BANKING CONSULTING FINANCE INSURANCE OTHER PROFESSIONAL SERVICES GENERAL AUTOMOTIVE
SOURCE: Paragon Metals, LLC
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PUB: 02/04/2019 08:00 AM/DISC: 02/04/2019 08:01 AM