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Jun 02, 2023

Grand Rapids’ Auxo Investments Purchases Avon Machining in Shelby Township

Auxo Investment Partners, a Grand Rapids-based private investment firm that

Auxo Investment Partners, a Grand Rapids-based private investment firm that partners with owners and management teams of companies at transition points in their history, has acquired Avon Machining, a precision manufacturer of complex machining systems in Shelby Township.

Terms of the deal were not disclosed.

Avon's products include high-precision gears, transmission parts, bearings, housings, and axle shafts for the construction, mining, agriculture, industrial, electrical vehicle, chemical, oil and gas, and defense industries. This acquisition is the fourth platform investment made through Auxo's Michigan Opportunity Fund.

Avon Machining, formerly known as Avon Gear Co., has been in operation since 1974. Its corporate strategy revolves around attracting and training top-notch machinists while investing in state-of-the-art Computer Numerical Control (CNC) equipment.

"We are thrilled to welcome Avon Machining to our growing family of companies in the Michigan Opportunity Fund," says Jeff Helminski, managing partner of Auxo Investment Partners. "Avon's precision machining expertise, particularly their exceptional gear grinding capabilities, is unrivaled. We are excited to collaborate with their talented team, to develop innovative solutions that meet the demands of their diverse customer base."

Avon will continue to be led by Chad Fietsam, the company's current CEO. He also will continue to have an ownership stake in the business.

"We are excited to join forces with Auxo Investment Partners," says Fietsam. "With their resources and commitment to growth, we will continue to build on Avon Machining's legacy of quality, innovation, and customer satisfaction, while expanding our capabilities and offerings."

Auxo's Michigan Opportunity Fund is dedicated to preserving local ownership by investing Michigan capital in Michigan-based businesses, particularly those that are family-owned and are believed to possess strong growth potential. The fund operates with a focus on operational excellence and a long-term partnership approach, aiming to generate significant growth for its portfolio companies.