PARAGON TECHNOLOGY GROUP ACQUIRED BY LLR PARTNERS
MCLEAN, VA – January 19, 2012 – The McLean Group today announced that it acted as the exclusive mergers and acquisitions (M&A) advisor to Paragon Technology Group, Inc. in the sale of a majority of its assets to LLR Partners, a Philadelphia, PA‐based private equity group. The Company’s founders, executive team and employees will continue to have ownership in the new entity. Concurrent with the acquisition, LLR has appointed Scott Friedlander as President and CEO of Paragon Technology Group. Mr. Friedlander has more than 30 years’ executive leadership experience in the IT industry, including key leadership positions at Xerox and GTSI.
Founded in 1997, Paragon Technology Group delivers Business Intelligence and Enterprise Integration solutions principally to the public sector, including the National Institutes of Health (NIH), Centers for Medicare and Medicaid Services (CMS), and the United States Transportation Command (TRANSCOM).
LLR Partners’ investment and professional backing will allow the company to maintain its impressive growth rate and to enhance service offerings to new and existing customers. The McLean Group helped the founders of Paragon evaluate offers from both strategic acquirers and private equity groups before they made the decision to move forward with LLR. The firm’s engagement partners, Cameron Hamilton and Mitch Martin, worked closely with Paragon’s founders throughout the entire process, helping them successfully navigate the many challenges of the engagement process to reach a successful conclusion.
“We are extremely proud of Paragon’s successful journey over the past 15 years,” said Dr. Sassan Kimiavi, co-founder of Paragon Technology Group. Gazelle Hashemian, co-founder of Paragon Technology Group, who will take on a new, post‐transaction role as a Board of Directors member, stated, “Selling Paragon was a very important decision for us. We are extremely happy that we chose The McLean Group to guide us in this process. Their constant hard work and dedication to serving our needs during this process truly allowed us to find the best partner who will help the owners, management, clients and employees continue Paragon’s growth.”
Scott Friedlander, President and CEO of Paragon Technology Group, added, “Today’s announcement marks an exciting new chapter for Paragon’s strategic direction. I am thrilled to be joining Gazelle, Sassan and the strong management team as we build the company for future growth.”
“We have been very impressed with Paragon’s growth,” said David Stienes, Partner at LLR. “Their team has focused on providing superior technical services with a demonstrable return on investment to their client base. We view Paragon as a platform that can continue to add service offerings and knowledge in order to better serve the public sector. We thank The McLean Group for introducing us to Scott and the Paragon team and for their continued effort throughout to help both sides bring this deal successfully to closure.”
The McLean Group’s Aerospace, Defense & Government (ADG) practice advised on the transaction. This is the ADG practice group’s first 2012 deal following a record year in 2011, adding to the firm’s long list of closed transactions in the sector.
ABOUT THE MCLEAN GROUP
TAbout The McLean Group The McLean Group is an investment bank providing mergers and acquisitions (M&A), business valuation and strategic consulting services to middle market businesses. Headquartered in Washington, DC’s technology, communications and government contracting corridor, we are among the largest independent middle market investment banks in the nation. The McLean Group serves domestic and international clients and has a broad resume of successfully consummated financial transactions. Our research staff leverages state‐of‐the‐art, proprietary corporate information and transaction data, providing our clients with unmatched information on which to make transaction decisions. For more information, visit www.www.mcleanllc.com.