Utah company makes deal for Paragon Analytics

FORT COLLINS — A company controlled by one of America’s wealthiest men has invested in Northern Colorado.

Utah-based DataChem Laboratories Inc. has acquired Paragon Analytics of Fort Collins for an undisclosed amount. DataChem is a subsidiary of the Sorenson Cos., headed by billionaire James Levoy Sorenson of Salt Lake City, ranked by Forbes magazine as the 177th-richest man in the world. Forbes estimates Sorenson is worth $2.2 billion.

The combination of DataChem and Paragon Analytics results in a company with about $17 million in annual revenues and 175 employees.

Paragon, with about 65 employees and $8 million in revenues before the purchase, specializes in radiochemistry testing services. DataChem, which also has offices in Cincinnati, Ohio, focuses on environmental chemistry.

DataChem was attracted to buy Paragon because it wanted to expand into radiochemistry, a component it had once offered but discontinued.

“There still is a big need around the country for radiochemistry labs,´ said Brent Stephens, vice president of operations for DataChem. The purchase “makes us more of a full-service lab again without having to do it out of this (Salt Lake) facility.”

The greatest demand for radiochemistry testing comes from U.S. Department of Energy sites, where cleanup of radioactive materials is active, Stephens said.

“We were just looking to grow and expand — they were the right fit,” Stephens said. “Our corporate philosophies are lot the same, like the way we think of personnel flexibility. A lot of things just made it a good match.”

The combination also allows DataChem to get more efficiencies out of its national sales force, he said.

The purchase included the Paragon lab, a 28,500-square-foot building located at 225 Commerce Drive. Paragon, which opened in 1982, expanded and upgraded the facility in 1992. According to Larimer County property records, DataChem paid $1.06 million for the building.

The Paragon lab is big enough to accommodate more growth, “Mostly through automation,” Stephens said. “We want to get more out of the available equipment and staff, just like every other service industry.”

As part of the Sorenson Cos., Paragon joins a long-list of real estate and life science businesses under the Sorenson umbrella. In all, Sorenson Cos. controls 32 businesses, including Sorenson Bioscience, Sorenson Genomics and Sorenson Medical. James Lee Sorenson, the eldest son of James Levoy Sorenson, is chairman of the board for DataChem.

DataChem does not plan to make management changes at Paragon, which is headed by Ken Campbell.

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