Auxo Investment Partners, a Grand Rapids, Michigan-based private equity firm, held the final closing of its first investment fund, at $50m.
Family offices and institutional investors participated in the raise of Auxo Growth Holdings I LLC.
Founded in late 2016 by Jeff Helminski, Jack Kolodny and Fred Tedori, Auxo Investment Partners focuses on North America-based companies in the manufacturing, industrial, value-added distribution and business services industries with EBITDA (cash flow) of $1.5-$15 million.
The inaugural fund will deploy approximately $150m of equity in 10 to 15 companies over the next three years.
Under Auxo’s model, investors, or Founding Partners, invest not only in its portfolio companies, but also in the firm itself. They participate in all economic benefits generated by Auxo, including carried interest and fees, with a priority position ahead of the Management Partners.
Since its October 2016 founding, Auxo has acquired four companies through its initial fund and direct co-investment, including:
– Bernal Rotary Dies, which produces complex solid Rotary Pressure dies, crush cut dies and state-of-the-art, high-volume rotary converting systems for medical products, battery and energy storage, abrasives, folding carton, automotive, food processing, aseptic and liquid packaging, general consumer products and general converting
– Midway Rotary Die Solutions, which designs, manufactures and sharpens crush cut rotary dies for customers in the automotive, packaging, medical, food processing, tag-and-label, specialty and photo-cutting industries
– Atlas Chem-Milling, which produces both narrow and wide flexible rotary dies to meet the cutting needs of markets requiring intricate, precise cutting such as greeting cards, lottery and gaming tickets and folding cartons
– Atlas Die, which develops high performance steel rule dies for complex cutting needs in the consumer products, packaging, food and beverage, medical and pharmaceutical industries.
Auxo also purchased M/G Transport Services, an inland barge transportation and logistics company that carries more than 5 million tons of non-hazardous dry bulk cargo each year.