Transaction continues Auxo’s string of successful investments in its inaugural fund, Auxo Growth Holdings I, amidst its continuing capital deployment from its Michigan Opportunity Fund
GRAND RAPIDS, Mich., July 31, 2024 /PRNewswire/ — 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. Strategic investments were made in the barge fleet, vessel operational processes, and in transforming Andrie into the employer of choice in the Great Lakes maritime industry.
“This is a terrific outcome for all parties. Rand gets a great business with an outstanding management team. Andrie’s management team gets an excellent new owner who can offer expanded professional growth opportunities—an important consideration for us. And we deliver a strong return for our investors,” said Auxo Managing Partner Jeff Helminski. “The result is further evidence of our long-term, collaborative approach that empowers leadership teams and focuses companies on sustainable value-creating strategies.”
“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.”
“We congratulate Rand Logistics on their acquisition of Andrie. The combination of these two great companies provides growth, capability expansion, and the ability to elevate the existing, high-levels of customer service across the combined businesses. This transaction is a great result for customers, employees, and the shareholders of Rand Logistics and Andrie,” said Greg Binion, Executive Chairman of Andrie.
Northborne Partners served as exclusive financial advisor to Andrie. Miller Johnson LLP and BDO USA, LLP also served as Andrie’s advisors. PNC Business Credit provided financing to Auxo throughout its ownership of Andrie.
About Auxo Investment Partners
Auxo Investment Partners is a Grand Rapids, Michigan-based private investment firm that partners with owners and management teams of companies at transition points in their history. Auxo’s flexible capital model allows for long-term, growth-oriented decision-making without artificial deadlines. The structure was specifically designed for family businesses facing a generational transition or management teams seeking a partner to fuel growth and achieve their full potential with a long-term investment approach. Auxo’s unique philosophy aligns the interests of its companies, their employees, the communities in which they are located, and its investors to achieve optimal outcomes for all. As our name reflects, we are not merely investors, but partners. For more information, please visit www.auxopartners.com.
Media Contact:
Kara Potter
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SOURCE Auxo Investment Partners
