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Auxo Investment Partners acquired Paramount Tube and Euclid Medical. Paramount Tube creates custom tube products for electric motors, transformers, fuses, automotive, single-dosage medications, and pharmaceutical packaging. Euclid Medical designs single- and multi-dose pharmaceutical packing systems. Financial terms weren’t disclosed.

Private equity activity in particular picked up in the third quarter as firms resumed investing after a temporary halt because of the pandemic. In Grand Rapids, PE firm Auxo Investment Partners joined with the management team to acquire Paramount Tube — which makes spiral-wound tubes — and medical and pharmaceutical packaging maker Euclid Medical Products, both in Fort Wayne, Ind., from Indianapolis-based Precision Products Group Inc.

In Paramount Tube and Euclid Medical, Auxo acquired businesses with strong management teams that have potential to further grow organically and through bolt-on acquisition, Managing Partner Jeff Helminski said.

A Fort Wayne-based company is one of two businesses to be acquired by Michigan-based private investment firm Auxo Investment Partners. Financial terms of the deal for Paramount Tube, as well as Euclid Medical Products in Ohio, were not disclosed. Paramount Tube and Euclid Medical are both subsidiaries of Indianapolis-based Precision Products Group Inc.

Grand Rapids-based Auxo Investment Partners said Monday that it acquired Paramount Tube and Euclid Medical, two companies operating under the Indianapolis-based Precision Products Group (PPG) brand.

Paramount Tube makes small diameter spiral-wound and extruded tubular products and is known for providing highly customized, tight tolerance and uniquely shaped solutions.Euclid Medical designs, engineers and manufactures highly engineered, automated single- and multidose pharmaceutical packing systems driven by proprietary software for use in hospitals, retail pharmacies and long-term care facilities.

“We selected Auxo as our partner because of their desire to support our vision for growth and the values our organizations share,” said 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 longstanding employees.”

Private investment firm Auxo Investment Partners announced today that it has partnered with the management team in its acquisition of Euclid Medical, which operates under the Precision Products Group (PPG) brand. Euclid Medical, which was acquired along with fellow PPG company Paramount Tube, 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.

With Hooe’s track record of building Euclid Medical into a recognized industry leader, Auxo saw numerous opportunities to continue to expand the business. In partnership with Auxo, the company will aggressively pursue continued growth by expanding the key market segments it serves and broadening its product and service offering by focusing on trends in medication adherence and automated packaging machines.

Private investment firm Auxo Investment Partners announced today that it has partnered with the management team in its acquisition of Paramount Tube and Euclid Medical, which operate under the Precision Products Group (PPG) brand.The deal, terms of which were not 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.