Cooper Cos. (COO) Buys Paragon Vision Sciences for About $80M
The Cooper Companies, Inc. (NYSE: COO) today announced that CooperVision has acquired Paragon Vision Sciences, a leading provider of orthokeratology (ortho-k), specialty contact lenses and oxygen permeable rigid contact lens materials. The transaction is valued at approximately $80 million and is expected to be neutral to earnings per share in fiscal 2018 excluding one-time charges and deal-related amortization. Paragon had trailing twelve month revenues of approximately $15 million and is forecasted to grow low double digits over the coming years.
Commenting on the transaction, Robert S. Weiss, Cooper’s president and chief executive officer said, “The acquisition of Paragon strengthens CooperVision’s industry-leading specialty lens business through the addition of several successful products which will be a great fit within our existing product portfolio.”