INDIANAPOLIS – 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. 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.
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. Euclid Medical, which is based in Apple Creek, Ohio, also converts medical-grade films into consumable unit-dose pharmaceutical packaging.
“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 long-standing employees.”
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.
“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.”
Advisors and lenders on the transaction included Brown Gibbons Lang and Company, Miller Johnson PLC, Barnes & Thornburg LLP, BDO USA LLP, Greyrock Capital Group, Mercantile Bank, Aon Plc, Krauter & Co, and JW Terrill.
Since its founding and prior to purchasing Euclid Medical and Paramount Tube, Auxo previously acquired six companies, including a platform of industry-leading cutting die manufacturers, comprised of Bernal Rotary Dies, Atlas Die, Atlas flex, and Midway Rotary Die Solutions; M/G Transport Services, a leading inland barge transportation and logistics company; Prestige Stamping, a high-speed manufacturer of custom engineered stampings for the fastener industry; and Andrie, the premier Great Lakes marine services company serving customers with challenging safety and specialty material handling and transportation requirements.