Aegis buys energy logistics firm Tristar for $882M in Agility's second major exit
What's the deal? Agility Global PLCDealroom has a profile for this one. Try Dealroom → has agreed to sell its 100% stake in Tristar, a global energy logistics business, to India's Aegis LogisticsDealroom has a profile for this one. Try Dealroom → for an equity value of $882 million. The transaction values Tristar at $1.5 billion enterprise value, a multiple of roughly 6.0x its 2025 EBITDA.
What does Tristar do? Founded as a $13.5 million domestic road transport operator in 2004, Tristar now runs an integrated energy logistics platform across more than 30 countries. Its assets include over 1,000 trucks, 26 vessels, 14 fuel farms, and partnerships with ADNOCDealroom has a profile for this one. Try Dealroom →, Shell, and Total.
By the numbers: Tristar generates $1.4 billion in annual revenue and $257 million in EBITDA. In 2022, it took a majority stake in Aquarius Energy, a Glencore joint venture, building a fuel storage platform with 3.5 million cubic metres of capacity.
What's the endgame? For Aegis, India's leading integrated oil, gas, and chemical logistics company, the deal adds a global energy logistics footprint spanning dozens of countries. The transaction is expected to close before the end of March 2027, subject to regulatory approvals.
Why now? Agility bought Tristar in 2003 for nearly $7 million and invested a further $123 million over the first seven years. The exit is set to yield a return above $1 billion and a 16% internal rate of return over the 23-year hold.
Agility said proceeds will strengthen its balance sheet and fund future capital deployment. The board will weigh allocation across strategic growth, debt reduction, and shareholder returns.
The signal: This is Agility's second major exit after selling Global Integrated Logistics to DSVDealroom has a profile for this one. Try Dealroom → in 2021. "This transaction validates our business model," said chairman Tarek Sultan, pointing to a repeatable approach of deploying patient capital and realising value at scale.
Read more: agility.com
Image credit: Lav Ulv
