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
(616) 980-9810
kpotter@auxopartners.com
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SOURCE Auxo Investment Partners