Auxo Acquires Paramount Tube
USA, Indiana, Indianapolis: Private investment firm Auxo Investment Partners has acquired niche manufacturers Paramount Tube.
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, which operates under Precision Products Group Inc. (PPG), is the dominant player for mission-critical, small diameter spiral-wound and extruded tubular products. Applications include components for electric motors, transformers, fuses, automotive, single-dosage medications, pharmaceutical packaging, eco-friendly consumer packaging, and military ordinances.
“We selected Auxo as our partner because of their desire to support our vision for growth and the values our organisations 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 long-standing employees.”
In partnership with Auxo, the company will aggressively pursue continued growth by expanding its process capabilities and introducing specialised materials application knowledge and custom engineering solutions to new markets.
Source: Industry Today