Acquisition Brings Together Both Companies’ Expertise to Strengthen Global Energy Logistics Operations.
Dubai: Tristar Group has signed an agreement that will see India’s Aegis Logistics, a leading provider of integrated oil, gas and chemical logistics services, become its majority shareholder.
The transaction values Tristar at an enterprise value of $1.5 billion, with an equity valuation of $882 million, representing approximately six times its 2025 earnings before interest, taxes, depreciation and amortisation (EBITDA).
Eugene Mayne, Founder and Group CEO of Tristar Group, welcomed the agreement, describing it as an important step in the company’s next phase of expansion.
“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 capitalising on our complementary strengths and shared ambitions, while reaffirming our commitment to safety, operational excellence and delivering long-term value to customers,” Mayne said.
Strategic partnership to accelerate global expansion
The agreement represents a major development in Tristar’s growth strategy, building on more than 25 years of industry experience and a revenue base of $1.4 billion in the 2025 financial year.
The partnership will bring together Tristar’s international expertise in the storage and transportation of petroleum products, chemicals, aviation fuel and liquefied natural gas (LNG) with Aegis Logistics’ established infrastructure and distribution capabilities in India.
Tristar currently operates across multiple regions, including the Middle East, Africa, Asia, Europe, the Americas and the Pacific.
Meanwhile, Aegis Logistics has an extensive network of liquefied petroleum gas (LPG) facilities, bulk liquid storage terminals and distribution operations throughout India.
By combining these complementary capabilities, the companies aim to improve operational efficiency, expand their service portfolios and explore new opportunities in existing and emerging markets.
The alliance is also expected to strengthen their ability to serve customers across international energy supply chains.
Aegis Logistics brings six decades of industry expertise
With approximately 60 years of experience, Aegis Logistics has established a strong position in India’s energy and gas logistics industry.
The company provides comprehensive supply chain solutions covering bulk liquids, petroleum, oil and lubricants (POL), chemicals and LPG.
It is also among India’s major importers and handlers of LPG, supported by its network of storage terminals and distribution infrastructure.
Raj Chandaria, Chairman and Managing Director of Aegis Logistics, said the agreement would help expand the company’s international presence while strengthening its service capabilities.
“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,” Chandaria said.
Tristar to strengthen its presence in India and LPG logistics
For Tristar, the partnership is expected to create opportunities to expand its involvement in the LPG sector while establishing a stronger foothold in the Indian market.
Founded in 1998, Tristar has grown into one of the Middle East’s prominent energy logistics providers, developing an international network of transportation and storage operations.
A significant turning point in the company’s expansion came in 2004, when Agility Global became its largest shareholder.
That investment supported Tristar’s international growth and helped strengthen its position in the global energy logistics industry.
The latest agreement with Aegis Logistics represents another important chapter in Tristar’s development, bringing together the strengths of both companies to support future expansion and build a more diversified global energy logistics network.
Agility Global reflects on Tristar’s growth and transformation
Tarek Sultan, Chairman of Agility Global PLC, highlighted the significant progress Tristar has made during its long-standing partnership with Agility, crediting the company’s leadership, operational capabilities and strategic investment for its international expansion.
“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,” Sultan said.
He noted that Tristar now operates in more than 30 countries, offering a comprehensive range of energy logistics services supported by extensive infrastructure and strong customer relationships.
Sultan also highlighted the company’s commitment to developing lower-carbon technologies as an important part of its long-term strategy.
“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,” he added.
Tristar acknowledges Agility’s contribution to its success
Eugene Mayne, Founder and Group CEO of Tristar Group, expressed appreciation for Agility’s longstanding support, recognising its role in helping the company expand internationally and diversify its operations.
“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 realise our full potential,” Mayne said.
He also acknowledged the confidence Agility placed in Tristar’s leadership and long-term vision, which helped the company pursue new opportunities and strengthen its position in international markets.
“We remain deeply appreciative of the trust Agility placed in our leadership and vision, enabling us to steer the business towards diversification and international expansion. The Tristar Group wishes Agility continued success in the future,” he added.
Tristar looks ahead to its next phase of expansion
With an asset portfolio valued at $1.7 billion in FY2025, a growing international presence and an expanding workforce, Tristar remains optimistic about its future under the proposed partnership with Aegis Logistics.
The agreement is expected to support the company’s long-term ambitions by strengthening its global logistics capabilities, expanding its market reach and creating opportunities for further growth in the energy sector.
Goldman Sachs and PJT Partners are serving as financial advisers to Tristar on the transaction, while Freshfields is providing legal counsel.
