Precision Products Group ("PPG"), an Auxo Investment Partners portfolio company, announced today the acquisition of Cindus Corporation, a Cincinnati, Ohio-based manufacturer of crepe paper for electrical and industrial applications.
"We are thrilled to welcome Cindus to PPG," said Tom Moore, CEO of PPG. "Cindus has been a key supplier to the industry for nearly 25 years. We know their unwavering commitment to service and quality, and we're excited to bring these two great organizations together."
"Demand for power infrastructure worldwide has never been higher and is expected to increase over the next decade," said Tim Shaw, Chief Commercial Officer of Precision Products Group. "Transformer manufacturers and their suppliers have struggled to keep up with demand and have faced shortages of raw materials. PPG plans to invest in substantial capacity expansion to increase Cindus' output of insulating paper for the transformer market, ensuring we meet customer needs."
Given Cindus' long history of delivering strong performance for its customers and the legacy associated with the brand, Cindus will continue to operate under its name alongside the other brands within PPG. The company will be managed locally by its existing management team. "When evaluating potential partners for Cindus' next phase of growth, PPG stood out as a company that shares the values of quality and customer service that have been the foundation of Cindus' success," said John Hennessey, Vice President of Sales at Cindus. "Partnering with PPG will enable us to continue investing in the business and expand our production capacity to meet customer demand. We're excited to leverage PPG's full suite of operating capital and product capabilities to benefit Cindus' customers."
"We are pleased to welcome Cindus to the PPG platform as a strategic addition that strengthens our commitment to providing the highest-quality engineered materials to our customers," said Jeff Helminski, Managing Partner of Auxo Investment Partners. "The addition of Cindus' proven expertise in creping paper will allow PPG to meet the growing needs of its customers, expanding production volumes and broadening the range of solutions we offer. We look forward to supporting Cindus' continued growth as part of the PPG family."
