Minneapolis, MN – August 1, 2024 – Northborne Partners is pleased to announce that it served as the exclusive financial advisor to Andrie, a portfolio company of Auxo Investment Partners, in connection with its acquisition by Rand Logistics (“Rand”), a portfolio company of Duration Capital Partners. Financial terms were not disclosed.
Andrie is a bulk transporter of specialty liquid products including asphalt, cement, refined oil products, and calcium chloride. Andrie serves a diverse set of blue-chip customers, connecting flagship North American production assets with distribution networks throughout the Great Lakes region via its diverse fleet of specialty vessels.
Rand provides comprehensive supply chain solutions through the transport of dry commodities including iron ore, aggregates, grain, metallurgical coal, and salt. The acquisition of Andrie will expand Rand’s service offering to include the bulk transport of both dry and liquid commercial products. The combined business will offer a comprehensive set of capabilities to transport a wide range of commodities throughout the Great Lakes.
Ben Marks, Managing Director at Northborne commented, “U.S. Jones Act marine is a dynamic area of expanding interest, particularly amongst infrastructure fund investors. In general, these are operators of critical infrastructure assets that are hard or impossible to replicate and support fundamental industry and trade flows.”
Northborne continues to be the leading middle market advisor to businesses across the infrastructure space broadly, with experience in rail & rail services, ports & terminals, marine, warehousing, airport services, among others.
Miller Johnson served as legal advisor to Andrie.
About Northborne Partners
Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the food & consumer, healthcare and industrials sectors, among others. It specializes in advising private-equity-owned and closely-held businesses on complex sell-side transactions. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit northborne.com.
About Andrie
Founded in 1988 along Michigan’s Western shoreline, Andrie is a Jones Act bulk transporter of specialty products including liquid asphalt, cement, refined oil products, and calcium chloride throughout the Great Lakes. Andrie provides services to a diverse set of customers involved in growing and sustaining the infrastructure of the Midwest and throughout the country. The Company operates vessels in all five Great Lakes and into the Illinois River. https://andrie.com/
About Auxo Investment Partners
Auxo Investment Partners is a Grand Rapids, Michigan-based private investment firm that partners with owners and management teams of companies at transition points in their history. Auxo’s flexible capital model allows for long-term, growth-oriented decision-making without artificial deadlines. The structure was specifically designed for family businesses facing a generational transition or management teams seeking a partner to fuel growth and achieve their full potential with a long-term investment approach. Auxo’s unique philosophy aligns the interests of its companies, their employees, the communities in which they are located, and its investors to achieve optimal outcomes for all. As our name reflects, we are not merely investors, but partners. https://auxopartners.com/
About Rand Logistics
Rand Logistics, Inc. is a leading provider of bulk freight shipping services throughout the Great Lakes region. Through its subsidiaries, American Steamship Company, Grand River Navigation, and Lower Lakes Towing, the Company operates a fleet of 21 vessels, including one conventional bulk carrier and 20 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. https://www.randlog.com/
About Duration Capital Partners
Duration Capital Partners is a dedicated infrastructure investment firm with a value-add approach to partnering with transportation businesses in North America. Duration was founded in 2024 and headquartered in New York, New York with $3.3 billion in assets under management. https://durationcapitalpartners.com/
Website includes transactions completed by Northborne professionals at prior firms.
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