Auxo Forms Marine Platform, Buys Andrie

Auxo Investment Partners has acquired Andrie LLC in partnership with the founding Andrie family.

Andrie is a bulk transporter of specialty products including cement (the majority of shipping volume), liquid asphalt, light oil petroleum products, and calcium chloride throughout the Great Lakes. Andrie serves a wide range of customers – from local, national and global corporations to small and medium-sized companies.

The company, led by CEO Stan Andrie Jr., has a fleet of 19 vessels with a cargo capacity of over 125,000 tons and has approximately 150 employees. Andrie was founded in 1988 by Barbara Andrie, mother of the current CEO, and is headquartered in Muskegon, MI (www.andrietg.com).

The buy of Andrie is Auxo’s sixth acquisition in the past 16 months, and follows the firm’s December 2017 acquisition of M/G Transport Services, a Metairie, LA-based operator of inland barges that annually transports more than 5 million tons of non-hazardous dry bulk cargo.

“This company has been a big part of my family since its earliest days, so deciding to bring in a new partner wasn’t a decision we took lightly,” said Mr. Andrie, who will remain as the company’s CEO. “But I was struck by Auxo’s leadership, Midwest roots and strong ties to the marine industry as a result of its ownership of M/G Transport Services. 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.”

“Delivering world-class performance transporting specialty products in the Great Lakes isn’t easy, but Andrie has done it with much success for three decades on behalf of demanding global enterprise customers,” said Jack Kolodny, a managing partner at Auxo. “Along with praise from customers, we were struck by the values of the company’s leadership, their extensive industry knowledge and their strong track record when it comes to safety. We at Auxo believe that we can not only preserve Andrie’s legacy but enhance its future value – especially as they pursue growth opportunities from existing and new customers.”

Andrie and M/G transport different products over different geographies (M/G operates on rivers) and both are dominant players in their respective sectors. The two companies now operate under Auxo Marine, a newly formed platform of Auxo. Going forward, Andrie and M/G will operate separately, but they will have a close and coordinated relationship, sharing best practices and potentially leveraging capabilities.

Auxo invests in North America-based companies that have from $1.5 million to $15 million of EBITDA. Sectors of interest include manufacturing, industrial, value-added distribution and business services. Typical investments for Auxo occur at corporate transition points, including owner-operators planning retirement, companies exploring family succession, and ownership/management teams seeking growth capital. The firm prefers majority-control investments but will consider select minority opportunities.

Auxo was founded in October 2016 and is led by its managing partners Jeff Helminski, Jack Kolodny and Fred Tedori. The firm, which is named after the ancient Greek goddess of growth, has offices in Grand Rapids, MI and Los Angeles, CA (www.auxopartners.com).

© 2019 Private Equity Professional | February 22, 2019

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