Agility completes landmark sale of Tristar energy logistics business to Aegis Logistics
The Abu Dhabi headquartered investment company has divested its complete stake in the global energy logistics platform for $1.5 billion enterprise value, crystallising exceptional value creation over a 23-year holding period.
Agility Global PLC has reached agreement to sell its entirety stake in Tristar, a preeminent global energy logistics enterprise, to Aegis Logistics Limited, India’s foremost integrated oil, gas and chemical logistics provider. The transaction establishes an enterprise value of $1.5 billion, representing an equity value of $882 million at a multiple of approximately 6.0 times 2025 EBITDA, with completion anticipated before the conclusion of March 2027, contingent upon regulatory approvals.
Under the visionary stewardship of founder and Chief Executive Officer Eugene Mayne, and with Agility’s patient capital provision and engaged management oversight, Tristar has undergone a remarkable transformation from a modestly scaled domestic transport operator generating $13.5 million in annual revenue in 2004 into a formidable diversified global integrated energy logistics platform. By 2025, the business had expanded its operational footprint across more than 30 nations, commanding a fleet exceeding 1,000 trucks, 26 ocean-going and coastal vessels, 14 fuel farm installations and 60 strategically positioned remote fuel sites.
The company’s evolution has been marked by pivotal strategic milestones, including its entry into maritime logistics in 2004 and the securing of inaugural remote-site fuel contracts with an international organisation in 2007, a relationship that has endured to the present day. Tristar has cultivated deep partnerships with major energy operators including ADNOC, Shell and Total. A transformative moment arrived in 2022 when Tristar acquired a majority stake in Aquarius Energy, a joint venture with Glencore, thereby creating a preeminent global fuel storage platform commanding 3.5 million cubic metres of capacity.
Agility’s original investment in Tristar in 2003 totalled nearly $7 million, with an additional $123 million deployed over the subsequent seven years, including strategically targeted fuel storage assets. Through disciplined governance and measured capital deployment, this investment is anticipated to yield returns exceeding $1 billion with an internal rate of return of 16 per cent over the 23-year holding period.
Tarek Sultan, Chairman of Agility Global PLC, described the transaction as a validation of the company’s distinctive investment model. “Through disciplined governance, patient capital deployment and Eugene’s exceptional leadership, we transformed a $13.5 million enterprise into a business generating $1.4 billion in annual revenue and $257 million in EBITDA across 30 countries,” he remarked. The transaction represents the company’s second major strategic exit, following the 2021 divestment of Global Integrated Logistics to DSV, demonstrating a consistent and repeatable methodology for cultivating and realising value from substantial business platforms.
The proceeds will enable Agility to enhance its financial position and maintain strategic flexibility whilst permitting the group to concentrate on its core growth priorities and reduce portfolio complexity. The Board will evaluate the allocation of net proceeds across strategic growth investments, debt reduction and potential shareholder returns as the company’s capital position develops.
Source: WAM