Auxo Investment Acquires Andrie LLC
Private investment firm Auxo Investment Partners said it is partnering with the Andrie family with an investment in Andrie LLC, a Michigan-based Jones Act bulk transporter of specialty products including liquid asphalt, cement, light oil petroleum products, and calcium chloride throughout the Great Lakes. The deal, terms of which were not disclosed, marks Auxo’s sixth acquisition in 16 months, and builds on the firm’s December 2017 acquisition of M/G Transport Services, a leading dry-bulk transportation and logistics company based in New Orleans.
Andrie, founded in 1988, is a company serving the Great Lakes, working extensively with large global customers. Its fleet has grown from four vessels to 19 , its cargo capacity from 12,000 tons to more than 125,000 tons and its workforce from 25 to 150.
“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 Stan Andrie Jr., who will remain as the company’s CEO. “But 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. 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.”
Andrie LLC was founded by Barbara Andrie, mother of the current CEO. Cement makes up most of the company’s shipping volume, followed by asphalt, light oil products, and calcium chloride, all of which require special handling. Andrie’s strong safety record with those products as well as its experienced and dedicated management team have led to strong relationships with its customers.
Counting Andrie and M/G Transport Services, Auxo has acquired six companies since its October 2016 founding. In addition to Auxo Marine, Auxo has developed a platform of industry-leading cutting die manufacturers, including Bernal Rotary Dies, Atlas Die, Atlas Chem Milling (ACM), and Midway Rotary Die Solutions. The investment firm also purchased Prestige Stamping, Inc., a high-speed niche manufacturer of custom engineered stampings for the fastener industry.