Rand Logistics Acquires Andrie

Diversifies Rand's Industry-Leading Offerings, Signifies Expansion into Liquid Bulk Shipping Services with Best-in-Class Partner

WILLIAMSVILLE, N.Y., July 31, 2024 /PRNewswire/ -- Rand Logistics, Inc. ("Rand"), a leading provider of bulk freight shipping in the Great Lakes region, today announced that it has acquired Andrie, LLC ("Andrie" or "the Company"), a leading marine transporter of liquid bulk commodity goods, from Auxo Investment Partners. Financial terms of the transaction were not disclosed.

Based in Muskegon, Michigan, 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. Andrie's safety-first driven business model has enabled the Company to become a trusted partner for customers in North America. Andrie will continue to be led by CEO Sven Christensen and the current management team, and the Company will operate as a Rand business under the existing Andrie brand.

Rand currently operates a 21-vessel fleet and provides comprehensive supply chain solutions through the transport of dry commodities including iron ore, aggregates, grain, metallurgical coal, and salt. With the addition of Andrie, Rand will expand its service offering to include the bulk transport of both dry and liquid commercial products for customers in the Great Lakes region. Rand is a portfolio company of Duration Capital Partners, a newly formed private investment firm focused on North American transportation infrastructure.

"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," said Mr. Christensen. "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."

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. The Company's vessels operate under the U.S. Jones Act which reserves domestic waterborne commerce to vessels that are U.S. owned, built and crewed and the Canada Coasting Trade Act which reserves domestic waterborne commerce to Canadian registered and crewed vessels that operate between Canadian ports. For additional information, please visit: https://www.randlog.com/.

About Andrie, LLC
Founded in 1988 along Michigan's Western shoreline, Andrie, LLC 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. For additional information, please visit: https://andrie.com/.

Contact
For Rand Logistics: 
Erik Carlson / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

SOURCE Rand Logistics, Inc.