Private equity firm Auxo Investment Partners moved deeper into the marine transportation business with an investment in Muskegon-based Andrie. Auxo acquired a majority stake in Andrie, a 31-year-old, family-owned company that operates a fleet of 19 tugs and barges throughout the Great Lakes, from Chicago to the Saint Lawrence Seaway, that transport bulk goods such as liquid asphalt, cement, light oil petroleum products and calcium chloride.
Private investment firm Auxo Investment Partners, Muskegon, Mich., announced today that it is acquiring Andrie LLC, a Michigan-based Jones Act bulk transporter of specialty products.
Private investment firm Auxo Investment Partners announced today that it is partnering with the Andrie family with an investment in Andrie LLC, a Michigan-based Jones Act bulk transporter of specialty products including liquid asphalt, cement, light oil petroleum products, and calcium chloride throughout the Great Lakes. The deal, terms of which were not disclosed, marks Auxo’s sixth acquisition in 16 months, and builds on the firm’s December 2017 acquisition of M/G Transport Services, a leading dry-bulk transportation and logistics company based in New Orleans.
MUSKEGON, MI – Growth is on the horizon for a Muskegon-based, family-owned Great Lakes shipping company now that a majority share was sold to a private equity firm. Andrie Inc. just got a growth-inducing cash infusion from the sale of a majority stake in the company to Grand Rapids-based Auxo Investment Partners, Auxo managing partner Jeff Helminski told MLive/Muskegon Chronicle.
Private equity investors have been on the acquisition trail in the tug and barge sector, with both Vancouver, Wash. headquartered Tidewater Transportation & Terminals and Muskegon, Mich. based Andrie, Inc. finding new owners.
A local private equity firm has acquired a marine transporter of bulk specialty products in the region. Grand Rapids-based Auxo Investment Partners is "partnering" with Muskegon-based Andrie, according to Auxo today. This marks Auxo’s sixth acquisition in 16 months, and it joins Auxo’s marine portfolio, along with New Orleans-based M/G Transport Services, a dry-bulk transportation and logistics company.