Private equity firm acquires barge company
A local private equity firm has acquired a barge transportation and logistics company.
Grand Rapids-based Auxo Investment Partners said today it acquired New Orleans-based M/G Transport Services.
Terms of the transaction were not disclosed.
The acquisition is Auxo’s third since September, when the firm announced its purchase of Atlas Die as well as Bernal, two Midwest companies in the die manufacturing industry.
“M/G is an excellent long-term investment, given its rich history and experienced team of industry veterans who know the business and enjoy working together,” said Jack Kolodny, managing partner, Auxo Investment Partners. “With a low-leverage balance sheet in place, M/G is positioned as a long-term hold for Auxo that generates tremendous cash flow.”
The entire M/G management team and staff will remain with the company.
John Binion will serve as Auxo’s operating partner and a board member.
“As we at M/G celebrate our company’s 50th anniversary, we’re pleased to begin this partnership with Auxo,” said Jack Lordo, CEO, M/G Transport Services. “We’ve been extremely impressed by the credentials and collaborative approach of the veteran investors and business operators who founded Auxo, and it will be a great fit for our company and a seamless transition for our customers and our staff.”
Advisors on the transaction included Miller Johnson, Barnes & Thornburg, BDO, PNC, Aon, Advantage Benefits, Krauter & Company and RBC Capital Markets.
Auxo Investment Partners is a private equity firm that partners with owners and the management teams of companies.
Auxo works on the infrastructure, processes and talent needed for growth, with a long-term investment approach.
Founded in 1967, M/G Transport Services specializes in inland barge transportation, carrying a broad array of non-hazardous dry bulk cargo.
The company has a fleet of 250 covered and open-hopper barges servicing a territory that stretches from Houston to Mobile, Alabama and from the mouth of the Mississippi River to Baton Rouge, Louisiana.