16 May 2016
Paragon sells AWG to IDEX Corporation
Paragon announced today, that it has entered into a definitive agreement with LUKAS Hydraulik GmbH, a subsidiary of IDEX Corporation (NYSE:IEX), to sell AWG Fittings GmbH, located in Ballendorf, Germany. AWG is the leading European provider of professional firefighting fittings and equipment. The company produces engineered products for the safety and emergency response markets, including valves, monitors and nozzles, operating under the AWG, Alco, ZR, and Lancier brand names. In 2015, AWG had revenues of approximately €36 million.
Management together with Paragon transformed the business from a family run operations to a professional state-of-the-art engineering and customer centric company.
Following the acquisition, AWG will operate within the IDEX Fire and Safety/Diversified Products segment. The transaction is expected to close in approximately 45 days, subject to regulatory approvals and customary closing conditions.
Commenting on the transaction, IDEX Chairman and Chief Executive Officer Andy Silvernail stated, “We are pleased to announce the AWG transaction, and look forward to welcoming them to the IDEX family. AWG brings excellent brands and products to our expanding Fire Suppression platform. This addition, coupled with our recent acquisition of Akron Brass, further supports our global customers with best in class life safety and fire suppression solutions.”
Edin Hadzic, managing partner at Paragon, commented: “We want to thank the CEO, Henning Klempp, as well as all of AWGs employees for their great work in the successful development of the company. Today, AWG is in strong shape with an innovative product portfolio, an optimized production footprint, and transparent and efficient processes. The business is well positioned to profit from future growth. We strongly believe, that IDEX is the right partner for AWG to further drive international expansion to serve client needs worldwide. We wish AWG and all its employees a successful future.”
IDEX Corporation is an applied solutions company specializing in fluid and metering technologies, health and science technologies, and fire, safety and other diversified products built to its customers’ exacting specifications. IDEX has annual revenues in excess of $2 billion and sells its products in niche markets to a wide range of industries throughout the world. IDEX shares are traded on the New York Stock Exchange and Chicago Stock Exchange under the symbol “IEX”.
Paragon is one of the leading independent private equity firms in Europe with approx. €650 million of equity under management. Paragon works closely with portfolio companies to achieve sustainable growth and operational excellence. The investment portfolio covers various industries and currently comprises 6 companies. Paragon was founded in 2004 and is based in Munich, Germany. For further information please refer to www.paragon.de.