Rand Logistics Acquires Andrie
Rand Logistics, a dry bulk shipping group operating on the Great Lakes, announced on Wednesday that it has reached a deal to acquire Andrie from Auxo Investment Partners, marking the company's expansion into liquid bulk shipping. Financial terms were not disclosed.
Andrie, based in Muskegon, Mich., transports specialty liquid products such as asphalt, cement, refined oil products and calcium chloride, connecting North American production assets with distribution networks throughout the Great Lakes region. According to the Andrie website, the company's fleet consists of seven tugs and eight barges, including three owned tugs and four owned barges.
Following the acquisition, Andrie will operate under its existing name as a Rand business unit. Andrie's CEO Sven Christensen and the current management team will remain in place.
For Rand, a portfolio company of private investment firm Duration Capital Partners, the deal marks an expansion into liquid bulk shipping. Through its subsidiaries, American Steamship Company, Grand River Navigation and Lower Lakes Towing, Rand currently operates a fleet of 21 vessels, including one conventional bulk carrier and 20 self-unloading bulk carriers including three tug/barge units for the transport of dry commodities including iron ore, aggregates, grain, metallurgical coal and salt.
"As we continue to thoughtfully grow our platform and service offerings, we are pleased to partner with an industry leader in Andrie that brings together complementary cultures and capabilities, while expanding our presence in the Great Lakes region," said David Foster, CEO of Rand. "Andrie's exceptional reputation with customers, dedication to employee safety and client service, and experienced management team makes them an ideal partner for Rand, and we look forward to working closely with Sven and the entire Andrie team to achieve greater success together."
"We're proud of the legacy we've built over the last 36 years as one of the premier providers of bulk cargo transportation on the Great Lakes, and see incredible growth opportunities for our business as part of the Rand platform," Christensen said. "The Rand team shares our focus on safety and customer service, and we look forward to joining forces with David and the team to both efficiently and safely deliver for our customers."