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Private equity firm acquires transportation company

February 21, 2019
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Karen Andrie tugboat
Photo via andrietg.com

A local private equity firm has acquired a marine transporter of bulk specialty products in the region.

Grand Rapids-based Auxo Investment Partners is "partnering" with Muskegon-based Andrie, according to Auxo today.

Terms of the deal were not disclosed.

This marks Auxo’s sixth acquisition in 16 months, and it joins Auxo’s marine portfolio, along with New Orleans-based M/G Transport Services, a dry-bulk transportation and logistics company.

“With a history spanning three decades of delivering safe, reliable and cost-effective transportation services to its customers, Andrie brings robust coast-wise capabilities to Auxo Marine,” said Greg Binion, chair, Auxo Marine.

“Andrie is the dominant player in a strong and growing market, much like M/G is in the dry-bulk space, and although the companies will operate separately, they’ll have a close and coordinated relationship, sharing best practices and potentially leveraging capabilities.”

Stan Andrie Jr. is and will remain the company’s CEO.

“I was struck by Auxo Investment Partners’ leadership, Midwest roots and strong ties to the marine industry as a result of its ownership of M/G Transport Services,” Andrie said. “Not only is this new partnership a cultural fit that will preserve the legacy of what we’ve accomplished, it’s one that will position us for strong growth in the years ahead.”

M&A advisors

Advisors and lenders on the transaction included Capstone Headwaters, Miller Johnson, Barnes & Thornburg, BDO USA, PNC, Aon, Krauter & Co. and Advantage Benefits.

Auxo

Founded in 2016 by veteran investors and operators Jeff Helminski, Jack Kolodny and Fred Tedori, Auxo Investment Partners is a private equity firm that invests in manufacturing, industrial, distribution and business services companies in North America with an EBITDA cash flow of $1.5-$15 million.

Andrie

Founded in 1988 by Barbara Andrie, mother of the current CEO, Andrie is a bulk transporter of specialty products, including liquid asphalt, cement, light oil petroleum products and calcium chloride throughout the Great Lakes.

Since its inception, it has increased its fleet of four vessels to 19 vessels, its cargo capacity from 12,000 tons to over 125,000 tons and its workforce from 25 to 150.

Asphalt makes up most of the company’s shipping volume, followed by cement, light oil products and calcium chloride, all of which require special handling.

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