Extrusion firm Precision Products Group has been sold to financial firms Long Point Capital and Greyrock Capital Group for an undisclosed price.
Precision Products is based in College Park, Md., operating a plant there as well as plants in Fort Wayne, Ind., and Huizhou City, China. The firm specializes in small diameter plastic and paper tubes used in electrical insulation, specialty packaging, consumer products and other applications.
Precision Products can trace its history back to 1888 when Stone Industrial was founded in Washington, D.C. Founder Marvin Stone had invented a spiral winding process used in paper straws. Paramount Tube – a firm that developed and patented a reciprocating winder – was opened in Fort Wayne in 1927. Clarcor Inc. bought both firms in 1971 and merged them into Precision Products.
Long Point is based in Royal Oak, Mich.; and New York. Greyrock has offices in San Farncisco, Chicago and Wilton, Conn. Chicago-based financial firm Mesirow Financial consulted Precision Products on the deal.