Stonepeak to Acquire Majority Interest in IOR

BRISBANE, Australia & NEW YORK--(BUSINESS WIRE)--Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that it has entered into an agreement to acquire a 75% interest in IOR (the “Company”), a leading integrated commercial fuel and logistics provider in Australia.

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 over 110 unmanned truck refueling 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 explicitly focused on the needs of its commercial customer base, providing access to fuel even in the most remote locations via its proprietary technology solutions.

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. We look forward to partnering with IOR’s existing shareholders and talented management team to support its continued growth.”

“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,” said Stewart Morland, Director at IOR.

IOR’s Chief Executive Officer, Drew Morland, added, “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.”

Stonepeak has a strong presence in Australia and New Zealand, with an expert team on the ground that has deployed approximately USD $1 billion 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. 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.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $72 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

About IOR
IOR is a leading commercial fuel distributor with operations across Australia and headquarters in Brisbane. IOR participates across the full fuel distribution value chain, operating: two fuel import terminals; a refinery for specialty products; a network of more than 110 unmanned refueling truck stops and more than 30 aviation refueling facilities; an extensive transport fleet with depots across Australia; and, two fuel infrastructure manufacturing and maintenance facilities. IOR has developed its own proprietary fuel management hardware and software called HyDip, which is designed to operate reliably in the most remote corners of the country. IOR’s long-term focus on innovation and technical development has underpinned its growth, and the establishment of a unique value proposition for its commercial customers. IOR maintains strong relationships with reputable international fuel suppliers via its supply function based in Singapore. For more information, please visit www.ior.com.au.
Contacts

Stonepeak:
Kate Beers / Maya Brounstein
[email protected]
+1 (646) 540-5225

IOR:
Nick Mackenzie / Drew Hipwood
[email protected]
+61 459 745 074 / +61 418 718 634