Stonepeak – a leading alternative investment firm specializing in infrastructure and real assets – announced that it has agreed to buy a 75% interest in IOR. IOR is a leading integrated commercial fuel and logistics provider in Australia.
Founded in Queensland in 1984, IOR offers fuel distribution, storage, equipment, and management services, and operates across the full value chain, from import to distribution. And its extensive network of commercial distribution channels includes a national footprint of over 110 unmanned truck refueling locations.
IOR has 7,000+ customers across Australia and the Pacific with an efficient and reliable supply of diesel, AdBlue, and aviation fuel in regional and metro industrial end markets including transportation, mining, oil and gas, agriculture, aviation, and construction. And IOR is focused on the needs of its commercial customer base, providing access to fuel even in the most remote locations via its proprietary technology solutions.
Stonepeak has a significant presence in Australia and New Zealand, with an expert team that has deployed approximately $1 billion of capital into high-quality infrastructure investments in the region. So far, the firm has invested in several critical infrastructure assets in the area across the energy, transport and logistics, and social infrastructure sectors, including GeelongPort (a diversified landlord port and major driver of Victoria’s economy), ZEN Energy’s Templers BESS project (the second largest energy storage project under construction in South Australia), AGP Sustainable Real Assets (an investor, developer, and operator of renewable energy and sustainable infrastructure in Australia and New Zealand), and Arvida (one of New Zealand’s largest retirement and aged care providers).
The deal is expected to close in the second half of 2025, subject to customary regulatory approvals. And additional terms of the transaction were not disclosed.
Advisors: King & Wood Mallesons served as legal counsel and Macquarie Capital served as financial advisor to Stonepeak. Gilbert & Tobin served as legal counsel and Miles Advisory Partners served as financial advisor to IOR.
KEY QUOTES:
“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. We look forward to partnering with IOR’s existing shareholders and talented management team to support its continued growth.”
– Darren Keogh, Senior Managing Director at Stonepeak
“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.”
– Stewart Morland, Director at IOR
“Stonepeak is a highly respected and well-capitalized infrastructure investor, with deep expertise across the energy, transport and logistics sectors, and boots on the ground in Australia, where their strong ownership ties and local presence were critical to us in selecting our partner. With Stonepeak, we will continue to prioritize 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. I am proud that Stonepeak believes in our future, by investing in the next chapter which will shape our success and build on this great Australian business.”
– IOR’s Chief Executive Officer, Drew Morland
