Aegis plans to acquire Tristar at an enterprise valuation of $1.5 billion
Key Facts
India’s Aegis Logistics plans to acquire Tristar in a deal valuing the company at about $1.5 billion on an enterprise basis, according to an announcement by Agility. Tristar’s estimated equity value is $882 million, a valuation that differs from the consideration to be paid for the stake being sold. Agility is selling its entire stake in Tristar to Aegis, while Tristar founder and chief executive Eugene Mayne will retain a stake in the company and continue in his role after the deal closes. The deal gives Aegis a foothold in an international logistics network serving energy markets, alongside its existing infrastructure in India. It is expected to close before the end of March 2027, subject to regulatory approvals.
Tristar generated revenue of about $1.4 billion in fiscal 2025, according to the company, which draws on more than 25 years of industry experience. Tristar says the deal values it at about 6.0 times its 2025 earnings before interest, taxes, depreciation and amortization. The multiple provides a way to view the valuation alongside the company’s operating earnings, as well as its revenue, enterprise value and equity value. Aegis said the acquisition would make an immediate contribution to profitability and provide long-term strategic benefits. The company’s chairman described the partnership as an important milestone in its growth strategy, saying it “expands our global presence and brings together our deep logistics expertise with Tristar’s multimodal capabilities.”
Tristar operates in more than 30 countries, with more than 1,000 trucks and 26 ocean-going and coastal vessels, according to Agility’s 2025 data. Its infrastructure also includes 14 fuel farms and more than 60 remote fueling locations. Its business includes the storage and transport of oil, chemicals, jet fuel and liquefied natural gas across the Middle East, Africa, Asia, Europe, the Americas and the Pacific. These operations add international and multimodal reach to Aegis’s Indian network, which includes liquefied petroleum gas infrastructure, bulk liquid terminals and a distribution network. Tristar’s founder and chief executive said the company looked forward to “bringing complementary strengths and shared ambitions to bear,” while remaining committed to safety, operational excellence and delivering long-term value to customers.
The deal also builds on Tristar’s expansion in fuel storage; in 2022, the company acquired the majority stake in Aquarius Energy, its joint venture with Glencore. The move helped create a global fuel storage platform with capacity of 3.5 million cubic meters, according to Agility. Aegis sees the combination of those capabilities with its Indian network as broadening its reach beyond its domestic market. The company said the partnership brings together Tristar’s multimodal capabilities with its expertise in logistics services and distribution infrastructure. Together, these assets put storage, transport and distribution activities across multiple markets within the scope of the deal.
Agility expects its return on investment in the fuel logistics sector to exceed $1 billion, with an internal rate of return of 16% over a 23-year holding period. Agility’s chairman said the company’s $130 million investment generated more than $1 billion in value; one-third came from distributions and capital returns, while the remaining two-thirds reflects the value of the fuel logistics business. After the sale closes, Agility’s board will assess how to allocate the net proceeds among strategic growth investments, debt reduction and shareholder returns, in light of its capital position. Closing remains subject to regulatory approvals, with completion targeted before the end of March 2027. Upon closing, Mayne will retain his stake and continue to lead Tristar, according to the company’s announcement.