Grand Rapids-based private equity firm Auxo Investment Partners continued its investment in cutting die manufacturers with a recent acquisition.
The firm announced this week that it has acquired GC Dies, a steel rule die cutting manufacturer with a 37,500-square-foot facility in the Chicago area. The Elmhurst, Ill.-based manufacturer, which has 50 employees on staff, specializes in flat corrugated, rotary corrugated and flat steel rule die production.
Steel dies and tooling from GC Dies are routinely used for products including corrugated boxes, folding cartons, trading cards, greeting cards, automotive parts, medical parts and gaskets.
The deal was the ninth for Auxo Growth Holdings I LLC, the firm’s first investment fund that closed in fall 2018. It’s also Auxo’s fifth acquisition under the Auxo Die Holdings platform, a portfolio of cutting die manufacturers that Auxo has acquired over time.
GC Dies joins cutting die manufacturers Atlas Die, AtlasFlex, Bernal Rotary Dies, Midway Rotary Die Solutions and DieCraft Engineering & Manufacturing under Auxo Die Holdings. It allows Auxo to serve as a “one-stop-shop,” offering a wide range of purpose-built dies, tools, systems and technical converting expertise for clients.
Atlas Die also has operations in Chicago, which Auxo plans to move to Elmhurst to join GC Dies.
“The addition of GC Dies’ expertise in the corrugated paperboard market and rotary steel rule dies to our family of cutting die manufacturers creates the most comprehensive service offering available in the industry today,” Auxo Managing Partner Jeff Helminski said in an email to MiBiz. “Many of our customers desire a full-service die supplier who can act as a one-stop-shop for all their cutting die needs and we are now the only supplier in the industry who provides that for them.”
Advisors and lenders on the transaction included Miller Johnson PLC, Barnes & Thornburg LLP, BDO USA LLP, Oxer Capital, Mercantile Bank, Aon Plc, Krauter & Co, Advantage Benefits Group and Apex Companies LLC.
“We are bringing the industry’s leading converting solution companies together to create the most comprehensive service offering available in the industry, and the addition of GC Dies is an important step in the process,” Auxo Die Holdings CEO Jerry Mosingo said in a statement. “As we continue to expand — and service many of the world’s leading converting companies — we know our fully integrated solutions can meet virtually any challenge.”