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.
Terms of the deal were not disclosed in a Sept. 22 news release. Dave Hooe, CEO of PPG, will continue on in his role, the companies said.
"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 declined to comment on any changes that might be made to the brand as a result of the deal in response to an inquiry by Plastics News. PPG had been owned by another private equity group prior to Auxo's purchase.
Paramount Tube makes small diameter spiral-wound and extruded tubular products for electric motors, transformers, fuses, automotive, single-dosage medications, pharmaceutical packaging and consumer packaging, the release said.
Euclid Medical designs, engineers and manufactures automated single- and multi-dose pharmaceutical packing systems, it said. Euclid Medical also converts medical-grade films into consumable unit-dose pharmaceutical packaging.
Precision Products Group formed in the 1980s with Paramount Tube as one of the foundations of the company. PPG added Euclid Medical in 2015.