Private investment firm Auxo Investment Partners has acquired Euclid Medical, which operates under the Precision Products Group brand. The deal, terms of which were not disclosed, marks Auxo’s seventh acquisition in the firm’s inaugural investment fund, Auxo Growth Holdings, which closed in the fall of 2018.
Based in Apple Creek, Ohio, 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 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.”
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,” said 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 , Barnes & Thornburg, Greyrock Capital Group, Mercantile Bank, Aon, Krauter & Co, and JW Terrill.