American investment firm, Stonepeak, has agreed to acquire a 75 per cent interest in IOR, an Australian fuel and logistics provider.
Founded in Queensland in 1984, IOR offers fully integrated fuel distribution, storage, equipment and management services, and operates across the full value chain, from import to distribution.
Its extensive network of commercial distribution channels includes a national footprint of more than 110 unmanned truck refuelling locations.
IOR provides more than 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.
“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,” said Stonepeak Senior Managing Director, Darren Keogh.
“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.”
IOR Director, Stewart Morland, said there is so much opportunity for IOR to continue its strong growth.
“IOR’s management team and existing shareholders are excited to be partnering with Stonepeak to accelerate our vision for the business,” he said.
IOR CEO, Drew Morland, said: “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, where their strong ownership ties and local presence were critical to us in selecting our partner.
“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.
“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.”
Stonepeak has a strong presence in Australia and New Zealand, with an expert team on the ground that has deployed approximately $1 billion USD of capital into high-quality infrastructure investments in the region.
To date, the firm has invested in several critical infrastructure assets in the region 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 transaction is expected to close in the second half of 2025, subject to customary regulatory approvals. Additional terms of the transaction were not disclosed.
In other news, a multi-agency initiative reported heavy vehicle defects and exploitation of migrant workers in South Australia.
