Auxo Investment Partners, Michigan's leading lower middle market private investment firm, today announced a successful exit from its investment in Andrie through a sale to Rand Logistics.
Auxo invested in Andrie in 2018 through its fund, Auxo Growth Holdings I. Andrie is the premier, Jones Act bulk transporter of specialty products in the Great Lakes, including liquid asphalt, cement, light oil petroleum products, and calcium chloride. Andrie operates a fleet of owned and managed vessels working throughout the Great Lakes region.
Under Auxo's guidance, Andrie flourished. The collaboration between Auxo's approach to value creation and Andrie's leadership team has bolstered a commitment to safe, reliable, and cost-effective transport services.
"We are proud of what we have accomplished under Auxo's ownership to position Andrie for continued success and will miss our collaborative partnership with them," said Sven Christensen, CEO of Andrie. "We are excited for the new opportunities available to us as part of Rand's platform which will be a terrific new home for the Andrie team."
Auxo Investment Partners said it completed a successful exit from its investment in M/G Transport Services through a sale to Maritime Partners, both based in Louisiana. Terms of the deal were not disclosed. “This is an ideal outcome for all parties. Maritime Partners gets a great business with a strong management team, M/G’s management team gets a terrific new owner — an important consideration for us — and we at Auxo deliver an incredible return for our investors,” said Jeff Helminski, managing partner at Auxo.
Private equity firm Auxo Investment Partners has sold a New Orleans-based barge transportation company that it acquired five years ago. The sale of M/G Transport Services to Maritime Partners LLC, based in Metairie, La., marks a successful exit for the Grand Rapids-based Auxo, which acquired the company in November 2017 and made strategic investments in the company’s barge fleet, in analytics to improve fleet utilization, and in new business attraction efforts. M/G Transport Services operates a fleet of more than 300 barges on the lower Mississippi River and along the West Canal to Houston, Texas that transport petroleum coke, sugar, barite and other materials and commodities.
Rand Logistics, a dry bulk shipping group operating on the Great Lakes, announced on Wednesday that it has reached a deal to acquire Andrie from Auxo Investment Partners, marking the company's expansion into liquid bulk shipping. Financial terms were not disclosed.
Maritime Partners, a maritime leasing and financing services company, has purchased M/G Transport Services from Auxo Investment Partners. M/G offers marine transportation services in the lower Mississippi River area and along the west canal to Houston, Texas. With over 300 dry cargo barges, M/G focuses on the movement of petroleum coke, sugar, barite and other materials. M/G will continue to operate under the M/G brand as a standalone entity and the members of the management team will continue in their current roles.
NEW ORLEANS – Auxo Investment Partners, a Michigan-based lower middle market private equity firm, has announced a successful exit from its investment in M/G Transport Services (M/G) through a sale to Maritime Partners. Terms of the transaction were not disclosed, and completion of the acquisition followed HSR regulatory review Auxo said M/G flourished under its ownership. “Auxo partnered with M/G’s management team to foster a renewed growth orientation,” said a company spokesperson in a press release. “Leveraging Auxo’s value creation/portfolio company operations team, M/G made strategic investments in their barge fleet, developed advanced analytics to drive better insights into fleet utilization and spot market opportunities, and secured attractive new business wins in the company’s major trade lanes. What’s more, M/G’s management team invested alongside Auxo – and achieved significant financial returns – through their investments and participation in Auxo’s incentive stock ownership program.