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Paragon Care to acquire surgical medical device distributor

Australia's Paragon Care Ltd. agreed to acquire Surgical Specialties Group, a medical device distributor, for A$26 million in cash and A$6.4 million in fully paid ordinary shares.

Surgical Specialties, an independent distributor of surgical medical devices in Australia and New Zealand, generated revenue of A$30 million in 2017.

The deal, which will expand Paragon Care's medical device offering to its existing and new customer base, is expected to be EPS accretive in fiscal year 2018.

Paragon Care said the transaction is part of a portfolio of acquisitions funded by its recent A$69.8 million capital raising.