M&A Deal Summary

Rand Logistics Acquires Andrie

On July 31, 2024, Rand Logistics acquired marine company Andrie from Auxo Investment Partners

Acquisition Highlights
  • This is Rand Logistics’ 2nd transaction in the Marine sector.
  • This is Rand Logistics’ 2nd transaction in the United States.
  • This is Rand Logistics’ 1st transaction in Michigan.

M&A Deal Summary
Date 2024-07-31
Target Andrie
Sector Marine
Buyer(s) Rand Logistics
Sellers(s) Auxo Investment Partners
Deal Type Add-on Acquisition
Advisor(s) Northborne Partners LLC (Financial)

Target

Andrie

Muskegon, Michigan, United States
Andrie is a maritime company which focuses on marine transportation and specialized marine solutions. Andrie was founded in 1988 and is based in Muskegon, Michigan.

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Buyer(S) 1

Buyer

Rand Logistics

Jersey City, New Jersey, United States
Category Company
Founded 1994
Sector Transportation
Employees515
Revenue 315M USD (2021)
DESCRIPTION

Rand Logistics is a provider of bulk freight shipping services throughout the Great Lakes region. Through its subsidiaries, the Company operates a fleet of three conventional bulk carriers and twelve self-unloading bulk carriers including three tug/barge units. The Company is the only carrier able to offer significant domestic port-to-port services in both Canada and the U.S. on the Great Lakes.

DEAL STATS #
Overall 3 of 3
Sector (Marine) 2 of 2
Type (Add-on Acquisition) 2 of 2
State (Michigan) 1 of 1
Country (United States) 2 of 2
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-10 American Steamship

Williamsville, New York, United States

American Steamship is a provider of marine transportation and shipping services. American Steamship was founded in 1907 and is based in Williamsville, New York.

Buy -

Seller(S) 1

SELLER

Auxo Investment Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2016
Size Small
Type Sector Agnostic
DESCRIPTION

Auxo Investment Partners is an operationally-focused private investment firm that targets acquisitions of North American manufacturing, distribution, and business services companies. Auxo prefers profitable businesses ($2 to $20 million of EBITDA) and has a special interest in owner-operators seeking retirement or facing succession issues. Auxo Investment Partners was formed in 2016 and is headquartered in Grand Rapids, Michigan.

DEAL STATS #
Overall 2 of 2
Sector (Marine) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (Michigan) 1 of 1
Country (United States) 2 of 2
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-23 Cariboo Central Railroad Contracting

Kelowna, British Columbia, Canada

Cariboo Central Railroad Contracting is a railroad infrastructure maintenance and construction service provider to Class I railroads, short-line railroads, and industrial customers. Cariboo Central Railroad Contracting was founded in 2000 and is based in Kelowna, British Columbia.

Buy -
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