Auxo Investment Partners acquires niche manufacturers Paramount Tube and Euclid Medical
Private investment firm Auxo Investment Partners has partnered with existing management to acquire Paramount Tube and Euclid Medical, which operate under the Precision Products Group (PPG) brand.
The deal, terms of which have not been disclosed, marks Auxo’s seventh acquisition in the firm’s inaugural investment fund, Auxo Growth Holdings I LLC, which closed in the fall of 2018.
Paramount Tube is the dominant player for mission-critical, small diameter spiral-wound and extruded tubular products known for providing highly customized, tight tolerance and uniquely shaped solutions. Applications include components for electric motors, transformers, fuses, automotive, single-dosage medications, pharmaceutical packaging, eco-friendly consumer packaging, and military ordinances. Euclid Medical designs, engineers and manufactures highly engineered automated single- and multi-dose pharmaceutical packing systems driven by proprietary software for use in hospitals, retail pharmacies, and long-term care facilities. Euclid Medical also converts medical-grade films into consumable unit-dose pharmaceutical packaging.
PPG’s roots date back to 1888 and the invention of the spiral wound straw by Marvin Stone. Today, the company serves customers around the globe from facilities in Indianapolis, Apple Creek, Ohio, Ft Wayne, Ind, and Huizhou, China.
“We selected Auxo as our partner because of their desire to support our vision for growth and the values our organisations share,” says Dave Hooe, CEO of PPG, who will continue in his leadership role. “We think Auxo’s hands-on investment approach will bolster our ability to aggressively pursue our growth plan and ensure a prosperous future for our company and for our long-standing employees.”