Integrated Utility Services has acquired substantially all of the assets of Paragon Industries, an Oklahoma-based manufacturer of steel pipe products. The Houston-based company completed the transaction through Paragon’s Chapter 11 restructuring process.
Paragon’s operations will continue under a new entity called Paragon Pipe Company. Integrated Utility Services plans to restart and modernize the company’s manufacturing operations while preserving its position within the domestic steel pipe supply chain.
The acquisition provides Paragon with additional capital, operational resources and industry relationships intended to support a return to production.
IUS also plans to retain and create jobs while rebuilding Paragon’s position as a supplier to customers across North America.
Paragon manufactures steel pipe products used by companies in the energy, utility, infrastructure and industrial sectors.
These products can support applications involving pipelines, power infrastructure, construction projects and other operations requiring durable steel components.
The acquisition preserves an established domestic manufacturing platform at a time when customers are increasingly focused on the availability and reliability of U.S.-based suppliers.
Restarting Paragon could provide energy and infrastructure companies with additional access to domestically manufactured steel pipe while reducing dependence on overseas supply chains.
Under IUS ownership, Paragon Pipe Company will initially focus on safely restoring operations and preparing the facility for sustainable production.
IUS plans to invest in manufacturing equipment, quality systems, workforce development and operational improvement initiatives.
The company will also seek to strengthen relationships with existing customers and develop new business across the utility, pipeline, energy and infrastructure markets.
IUS intends to use its industry connections to expand Paragon’s customer base and market reach.
The company said it will preserve Paragon’s Oklahoma roots while positioning the business for long-term growth.
Paragon has operated as an important industrial employer in Oklahoma for decades.
The acquisition is intended to protect the company’s manufacturing legacy while creating a more stable foundation for future investment and employment.
Integrated Utility Services is owned and led by co-founder, president and CEO Trinity Dawson and co-founder and executive vice president Dustin Ketchum.
Both executives are Tulsa natives, giving the transaction a personal connection to the region where Paragon operates.
IUS believes its operating experience and relationships across infrastructure-related industries can help Paragon restore production and compete for new projects.
The company also plans to prioritize employee training as manufacturing operations resume and new systems are introduced.
The transaction followed a complex and competitive restructuring process.
Support: Infinity Capital Partners served as investment banking adviser to Integrated Utility Services. GableGotwals provided legal counsel to IUS in connection with the acquisition.
KEY QUOTE:
“As someone who grew up in Oklahoma, this acquisition is deeply personal to me. Paragon has been a pillar in this community for decades, and our commitment is to honor that legacy. We care about the people, the jobs and the long-term health of Oklahoma’s industrial economy, and we want to see this business thrive for generations to come. Paragon represents far more than a manufacturing facility. It represents skilled American workers, a proud Oklahoma legacy and an opportunity to build something meaningful for the communities we serve. This acquisition wouldn’t have been possible without the extraordinary efforts of our internal team, whose dedication and belief in this vision carried us through a complex and highly competitive process. We are also deeply grateful for the guidance and professionalism of Infinity Capital Partners, who served as our investment banking advisers, and GableGotwals, whose legal counsel was instrumental throughout the transaction.”
Trinity Dawson, Co-Founder, President and CEO of Integrated Utility Services
