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. <Br><br> 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. <br><br> "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.
A new acquisition boosts Auxo Investment Partners’ growing wire harness and cable manufacturing platform as industry demand continues to grow. The Grand Rapids-based private equity firm recently completed a deal that makes SOS Manufacturing Inc., a Wisconsin-based manufacturer and supplier of custom wire harnesses and cable assemblies, the fourth company in the platform. Terms of the deal were not disclosed.
Grand Rapids-based Auxo Investment Partners has acquired Avon Machining, a precision maker of gears, axle shafts and other components, with plans to propel the manufacturer to major growth. The investment firm's acquisition of the Shelby Township-based company comes with a 111,000-square-foot plant and 110 highly skilled machinists, said Jeff Helminski, managing partner at Auxo.
Private equity firm Auxo Investment Partners has added to a platform of manufacturing companies with a recent deal for Ohio-based Saylor Technical Products LLC. Saylor Technical Products is a maker of flexible wire and hose protection products and specialty cords and tapes for a diverse customer base in the antique automotive, aerospace, wire and cable, and electrical markets. The company’s products are intended to insulate and hold in place electrical components and wire harnesses.
Jeff Helminski of Auxo Investment Partners was sitting in his downtown Grand Rapids office in May 2020, during the early days of the pandemic, when his phone rang with a cold call from a prospective investment partner. Little did Helminski know when he answered the call that the conversation he was about to have would ultimately lead to a transformative moment for the private equity firm Auxo.
Auxo Investment Partners’ acquisition of a West Michigan manufacturer has both in-state and national growth opportunities for the Grand Rapids private equity firm. Auxo’s deal for Cascade Township–based Tack Electronics Inc. represents more investment potential for the Michigan Opportunity Fund, a $100 million fund led by Auxo executives and several prominent figures in the state’s business community that aims to invest in and grow Michigan-based companies.
Grand Rapids Business Journal will recognize those people and projects that made news in 2022 at its annual Newsmakers of the Year breakfast from 7:30-9:30 a.m. on Thursday, Feb. 9, at Frederik Meijer Gardens and Sculpture Park.
The $100 million private equity fund created to invest in Michigan-based companies has completed its fundraising and now turns its attention to deploying the capital over the next few years. The Grand Rapids-based Auxo Michigan Opportunity Fund I LLC, launched in February 2021 with the backing of Doug and Maria DeVos’ family office, netted the $100 million from 76 investors, according to a federal regulatory filing. “The Michigan Opportunity Fund is all about helping Michigan-based businesses thrive and grow,†Doug DeVos, co-chairman of Ada-based Amway Corp., said in a statement to MiBiz. “We have a great group of Michigan-based investors who care deeply about the state and desire to see Michigan businesses prosper. We believe this fund is a unique opportunity for various Michigan-based industries, some seeking to grow and others looking to transition ownership.â€