Rand Logistics, Inc., a provider of bulk freight shipping services throughout the Great Lakes Region, announced that American Industrial Partners (“AIP”) has completed its acquisition of the Company. AIP is a New York-based private equity firm with over $4.0 billion of assets under management that has focused on buying, improving and growing industrial businesses in the U.S. and Canada for over 20 years.

The Company has emerged from Chapter 11 with a materially de-levered balance sheet and dramatically reduced annual interest expense. By virtue of its acquisition by AIP, Rand now enjoys its strongest financial position in recent years.

“We are pleased to have completed the transaction and to be partners with a leading private equity firm that shares our vision for Rand’s future,” commented Edward Levy, Rand’s Chief Executive. Mr. Levy added, “The transaction has recast our balance sheet and positions the Company for continued customer service and growth.”

Through its subsidiaries, Rand Logistics operates a fleet of three conventional bulk carriers and twelve 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.

American Industrial Partners is a private equity firm that makes control investments in industrial businesses. To date, AIP has completed over 70 transactions and currently has $4.1 billion of assets under management on behalf of pension, endowment and financial institutions.