Long Point Capital is pleased to announce that its portfolio company, Precision Products Group, a niche manufacturer of spiral-wound tubes and specialty packaging, has sold Aardvark Straws, the sole U.S. producer of paper straws, to Hoffmaster Group, Inc.
Aardvark, a division of Precision Products Group, Inc. ("PPG"), began manufacturing paper straws in 2007. Over the past 11 years, PPG has refined the production process, creating the most durable paper straw on the market. The PPG management team's focus on quality and strategic positioning, such as partnerships with advocacy groups, has turned Aardvark straws into the nationwide name brand that it is today.
"Long Point Capital has been an invaluable partner to the growth of PPG as a whole and Aardvark, in particular. We're proud of how far Aardvark has come and look forward to its continued success" said Dave Hooe, CEO and President of PPG.
Eric Von Stroh, Managing Director at Long Point Capital added, "Dave and the team at PPG have done a tremendous job of growing this company into the name brand that it is today. Hoffmaster is the perfect partner to help take Aardvark to the next level."
Precision Products Group, Inc. ("PPG"), founded in 1980, is the parent company of Paramount Tube, Euclid® Medical Products, and PPG International. PPG targets niche applications that require tight tolerances, unique materials or difficult to produce shapes, such as squares or rectangles. The company helps customers achieve higher levels of product performance, quality, and economy with innovative products and services. For more information, visit www.ppgintl.com.
Add-On Acquisition Criteria
PPG is selectively looking to acquire niche tubing or converting companies of any size that will enhance its technological expertise or expand its end markets.