American investment firm Stonepeak has confirmed it has acquired a controlling 75 per cent stake in Australian integrated commercial fuel and logistics provider IOR.
Stonepeak specialises in the investment in infrastructure and real assets and is headquartered in New York, but also operates offices in Sydney, London, Houston and Hong Kong.
IOR offers fully integrated fuel distribution, storage, equipment and management services while operating across the full value chain from import to distribution.
IOR CEO Drew Morland says Stonepeak’s presence in Australia was crucial in getting the deal across the line.
“Stonepeak is a highly respected and well-capitalised infrastructure investor, with deep expertise across the energy, transport and logistics sectors, and boots on the ground in Australia,” Morland says.
“Their strong ownership ties and local presence were critical to us in selecting our partner.
“With Stonepeak, we will continue to enhance their experience by providing them with innovative solutions that drive the industry forward.
“The strength of our team has always been the foundation of our success, delivering for our customers through our values of innovation, our communities, and reliability.
“I am proud Stonepeak believes in our future, by investing in the next chapter which will shape our success and build on this great Australian business.”
IOR over 110 unmanned truck refuelling stations around Australia and provides diesel, AdBlue and aviation fuel to metro and regional industrial end markets including transportation, mining, oil and gas, aviation, agriculture and construction to over 7000 customers across Australia and the Pacific region.
It is explicitly focused on the needs of its commercial customer base and providing fuel access in even the most remote locations.
Stonepeak Senior Managing Director Darren Keogh says the acquisition of the controlling stake in IOR is another step in the investment firm’s overall Asia infrastructure strategy.
“IOR is a leader in commercial fuel distribution and logistics in Australia,” Keogh says. “With its strong operating model, expansive network and established customer base, the company is a compelling fit for our Asia infrastructure strategy.
“Stonepeak invests in companies that are critical to the resiliency of supply chains which underpin our daily lives.
“In IOR, Stonepeak is investing in essential fuel distribution as a critical input into the Australian economy.
“We look forward to partnering with IOR’s existing shareholders and talented management team to support its continued growth.”
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