New Orleans - Private equity firm Auxo Investment Partners announced today that it has acquired M/G Transport Services (MG), a leading dry barge transportation and logistics company. Terms of the transaction were not disclosed.
Founded in 1967 and based in New Orleans, MG specializes in inland barge transportation, carrying more than 5 million tons of non-hazardous dry bulk cargo each year. The company meets Auxo’s investment criteria, which focuses on North American companies in the value-added distribution, manufacturing, industrial and business service sectors.
MG has a territory that stretches from Houston to Mobile, Alabama, and services the mouth of the Mississippi River upstream as far as Baton Rouge, Louisiana. The company has a fleet of 250 barges, and 16 employees who will remain with MG, including its veteran leadership team.
“As we celebrate our company’s 50th anniversary, we’re pleased to begin this partnership with Auxo,” said Jack Lordo, who will continue as MG’s chief executive officer. “We’ve been extremely impressed by the credentials and collaborative approach of the veteran investors and business operators who founded Auxo, and it will be a great fit for our company and a seamless transition for our customers and our staff.”
“We’re excited to work with MG and its accomplished team, led by industry veteran Jack Lordo, as we support the company’s existing customers and explore new growth opportunities,” said Auxo Managing Partners Jeff Helminski and Jack Kolodny, in a joint statement. “John Binion, another long-standing expert in the barge industry, will also play a key role as Auxo’s operating partner and a board member as MG embarks on its next 50 years of service.”