Tristar Group inks deal for Aegis Logistics, which is one of the most prominent integrated oil, gas, and chemical logistics companies in India, to become its major shareholder. The transaction values Tristar at a total enterprise value of US $1.5 billion with an equity value of $882 million, at a multiple of 6.0x on 2025 EBITDA.
Remarked the Founder and Group CEO, Tristar Group, Eugene Mayne, “We are delighted to welcome Aegis Logistics to Tristar’s shareholder base. As we embark on a new chapter of growth, we look forward to capitalizing on our complementary strengths and shared ambitions while reaffirming our commitment to safety, operational excellence, and delivering long-term value to customers.”
It is well to be noted that this transaction is a major milestone in the growth of Tristar, capitalizing on its US$1.4 billion revenue base in FY-2025 and 25+ years of industry experience. The strategic partnership will integrate the existing capabilities of Tristar in the transportation and storage of petroleum, chemicals, and aviation fuel as well as LNG across markets in the Middle East, Europe, Africa, Asia, and the Americas, as well as the Pacific, with extensive Liquefied Petroleum Gas – LPG and bulk liquid terminal infrastructure and distribution network of Aegis Logistics in India. The partnership is anticipated to capitalize on substantial business synergies, diversify the services, and speed up growth in both current as well as emerging markets.
Aegis Logistics is a prominent entity in India’s gas and energy logistics domain with a legacy of over 60 years providing seamless supply chain management of bulk liquids, petroleum, oil and lubricants – POL, chemicals and LPG. It is also a major importer and handler of LPG in India.
Says the Chairman and Managing Director of Aegis Logistics, Raj Chandaria, “Our alliance with Tristar marks a significant milestone in our growth strategy, expanding our global footprint and bringing together Aegis’ deep logistics expertise with Tristar’s world-class multimodal capabilities. Together, we are uniquely positioned to deliver greater value to our customers and build a stronger and resilient global energy logistics network.”
As Tristar Group inks deal for Aegis Logistics, this partnership will also give Tristar a greater presence in India and improve its visibility in the LPG sector. Since its formation in 1998, Tristar has steadily grown to become one of the leading global energy logistics providers in the Middle East. Tristar’s growth was driven in part by the entry of Agility Global as its largest shareholder in 2004. Tristar’s partnership with Agility helped accelerate the company’s growth and establish its leadership in the industry.
Tarek Sultan, Chairman of Agility Global PLC, said, “Over 23 years of Agility’s ownership, Eugene Mayne’s strong leadership, and Tristar’s operational excellence, combined with Agility’s patient capital and active management, have transformed Tristar into a world-class global integrated energy logistics provider. Operating across 30+ countries today, Tristar’s comprehensive suite of solutions, combined with the scale of its energy infrastructure, deep customer partnerships, and forward-thinking approach to lower carbon technology, position the company as a leader in the sector. We wish Tristar and Aegis every success as they embark on the next chapter of growth.”
Adds Eugene Mayne, “We thank Agility for its pivotal role in Tristar’s growth and success. Its strategic support and confidence during critical phases of our growth enabled us to seize opportunities and realize our full potential. We remain deeply appreciative of the trust Agility placed in our leadership and vision, which enabled us to steer the business towards diversification and international expansion. The Tristar Group wishes Agility continued success in the future.”
It is well to be noted that Tristar has an asset portfolio value of US$ 1.7 billion in FY 2025, a growing global footprint, and an increasing employee base and continues to be optimistic about its growth potential and confident of continued achievement in its new chapter with Aegis Logistics.
Notably, Goldman Sachs and PJT Partners are the financial advisers of Tristar, with Freshfields being its legal counsel.
