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."
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.