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From Pipes, Artisans and Trademarks, by José Manuel Lopes

Graco is the French brand of the former Grappin Fils et Cie factory. Inexpensive pipes in Algerian wood, and also with skin-coated bowls. Symbol: GRACO' in white, silver, or gold (on the best pieces).

It was an autonomous brand, which finished in 1968, but pipes produced in Saint-Claude with Graco (manuscript) stamped on the stem have appeared on the market.

According to @ pipehill this brand went out of business in 1968. Although apparently the brand is still being made, and is currently distributed in the U.S. by Mitchell Thomas.