Newport Beach-based L Squared Capital partners said its portfolio company GSI Group Holdings has purchased Aven Tools, a designer and manufacturer of proprietary precision tools, instruments and accessories based in Arbor, Michigan. Financial terms were not released. The purchase is GSI Group’s fifth acquisition. GSI Group provides a wide range of laboratory consumables, precision workflow tools and instruments, and related accessories. The platform has built a global reach, with locations across the U.S., Europe and Asia.