Stonepeak is acquiring a 75% interest in Australian commercial fuel and logistics provider IOR for an unspecified amount.
Established in Queensland in 1984, IOR provides integrated fuel distribution, storage, equipment and management services across its import-to-distribution value chain. The company’s commercial distribution network includes more than 110 unmanned truck-refueling locations nationwide.
Darren Keogh, senior managing director at Stonepeak, said: “IOR is a leader in commercial fuel distribution and logistics in Australia, and 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.”
Stewart Morland, director at IOR, said: “There is so much opportunity across this industry for IOR to continue its strong growth, serving our hard-working customers in more locations every day. IOR’s management team and existing shareholders are excited to be partnering with Stonepeak to accelerate our vision for the business.”
Drew Morland, IOR’s chief executive officer, said: “With Stonepeak, we will continue to prioritise our local, hands-on relationships with our customers and suppliers, and be well positioned 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.”
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