A private investment firm, Auxo Investment Partners, has purchased Fort Wayne, Ind.-based Paramount Tube Engineered Solutions and Cleveland-based Euclid Medical, which both operate under the brand Precision Products Group Inc., in a deal that closed Sept. 1.
"We selected Auxo as our partner because of their desire to support our vision for growth and the values our organizations share," Hooe said in the release. "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."
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.
Private investment firm Auxo Investment Partners announced on Thursday that it has partnered with the management team in its acquisition of Euclid Medical, which operates under the Precision Products Group (PPG) brand.
“We were immediately impressed with Euclid Medical’s unique capabilities and dominant market position,” said Auxo managing partner Jeff Helminski. “It’s clear the company’s values are closely aligned with ours — and its success has been driven by the leadership team’s unrelenting pursuit of excellence and customer service. We’re excited to work with Dave and his team to honor the legacy they have built and support them in leveraging their unique capabilities to expand their global footprint.”
“We couldn’t be more thrilled to be working with the team at Euclid Medical and PPG,” added Auxo managing partner Jack Kolodny. “This is exactly the kind of company we had in mind when we formed Auxo — and we look forward to being an active and additive partner in the continued growth of an already outstanding company.”
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.