GRAND RAPIDS — Private equity firm Auxo Investment Partners has added to a platform of manufacturing companies with a recent deal for Ohio-based Saylor Technical Products LLC.
Saylor Technical Products is a maker of flexible wire and hose protection products and specialty cords and tapes for a diverse customer base in the antique automotive, aerospace, wire and cable, and electrical markets. The company’s products are intended to insulate and hold in place electrical components and wire harnesses.
The acquisition, which closed in December but was announced this week, builds on a platform of niche manufacturers operating under Auxo’s Precision Products Group Inc. (PPG) platform. PPG also includes Indiana-based Breyden Products Inc. and Paramount Tube and Ohio-based Euclid Medical Products.
By integrating Saylor into the PPG platform, Auxo aims to better capture spending among common customers, increase raw materials purchasing power and gain capacity to grow its aerospace book of business. Auxo also plans to invest in strengthening Saylor’s management team as part of the deal.
Saylor employs about 50 people in Grand Rapids, Ohio, about 30 miles southwest of Toledo. Owner Mike Zuber is staying on with the company under the new ownership.
“We are always looking for partners who share our values and deliver exceptional customer experiences,” Auxo co-founder and Managing Partner Jeff Helminski said in a statement. “Mike and his team at Saylor embody these principles, and we are excited to see how their manufacturing expertise and commitment to customer satisfaction will help PPG continue to thrive in the market.”
With PPG, Auxo wants to build a platform for niche manufacturing companies that make heat solvation, thermal control and electrical insulation products. Auxo continues to seek further acquisitions with companies in the electrical, defense, medical and consumer packaged goods sectors.
Terms of the transaction were undisclosed. Advisers on the deal included Miller, Johnson, Snell & Cummiskey PLC, Barnes & Thornburg LLP, BDO USA LLP, Marsh & McLennan, and Aon Plc.
This week, Auxo also held a grand opening for its new headquarters, located in the 38 Commerce building in downtown Grand Rapids. The company, which previously occupied space in McKay Tower, expanded the size of its offices in the move to make way for additional staff as it continues to build the capacity of its team.
Last year, Auxo closed on the $100 million Michigan Opportunity Fund, which it launched in partnership with the family of Doug and Maria DeVos, as well as acquired four companies.
Helminski was named the Dealmaker of the Year in the investor category of the 2023 MiBiz M&A Deals and Dealmakers Awards, held earlier this month. Auxo also won the Deal of the Year in the manufacturing category for its acquisition of Grand Rapids-based Tack Electronics Inc.