CARY – Chicago investment firm Madison Dearborn Partners has completed its purchase of health care products manufacturer Sage Products, one of the area’s largest employers.
Madison Dearborn, a private equity firm, did not disclose the purchase price.
Sage Products employs more than 700 people in the area.
It will continue to go by the same name and will retain local leadership, according to a news release.
Former President and Chief Operating Officer Scott Brown becomes the company’s CEO and vice chairman. Vincent Foglia will remain as chairman of the board.
The existing management team “will continue to own a significant portion of the company,” the release said.
“Details of the sale are private,” Sage Director of Marketing Communications Mike Nygren told the Northwest Herald in an email Thursday.
Sage will continue to operate in Cary, where the company recently added 170,000 square feet to its headquarters and production facility in a $7.5 million project.
Sage officials have said they expect the expansion, which received $5.68 million in stimulus bonds through a McHenry County Board vote in late 2010, will lead to 250 more employees.
The company will continue to seek growth under Madison Dearborn, both within the country and internationally, according to the news release.
Founded in 1971, Sage is expected to bring in approximately $290 million in sales revenue in 2012, the release said.