Tristar Group Signs Agreement for Aegis Logistics to Become Majority Shareholder

Tristar Group has entered into an agreement for Aegis Logistics, one of India’s leading integrated oil, gas and chemical logistics companies, to become its major shareholder, following a transaction that values Tristar at a total enterprise value of US $1.5 billion (equity value of $ 882 million), at a multiple of ~6.0x on 2025 EBITDA. 

Eugene Mayne, Founder and Group CEO, Tristar Group said, “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.”

The deal marks a significant milestone in Tristar’s growth journey, building on its US$1.4 billion revenue base (FY 2025) and 25+ years of industry expertise.

The strategic alliance will combine Tristar’s established capabilities in the storage and transportation of petroleum, chemicals, aviation fuel and LNG across markets in the Middle East, Africa, Asia, Europe, Americas and the Pacific, with Aegis Logistics’ extensive Liquefied Petroleum Gas (LPG) and bulk liquid terminal infrastructure and distribution network in India.

The partnership is expected to unlock significant operational synergies, diversify service offerings and accelerate growth across current and emerging markets. 

With a legacy of six decades, Aegis Logistics is an established leader in India’s gas and energy logistics sector, offering end-to-end supply chain management of bulk liquids, petroleum, oil and lubricants (POL), chemicals and LPG. It is also one of India’s top importers and handlers of LPG. 

Raj Chandaria, Chairman and Managing Director of Aegis Logistics, said: “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.”

For Tristar, this partnership will also strengthen its exposure to the LPG sector and establish a stronger presence in India. Since its establishment in 1998, Tristar has constantly evolved to become one of the Middle East's leading global energy logistics providers.

A key catalyst in Tristar’s growth was Agility Global’s entry as its largest shareholder in 2004. This partnership with Agility accelerated Tristar’s growth and established 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.”

Eugene Mayne said: “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.

"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.” 

With an asset portfolio of US$ 1.7 billion (FY 2025), expanding international footprint and growing employee base, Tristar remains buoyant about its growth prospects and assured of continued success in its new chapter with Aegis Logistics.

Goldman Sachs and PJT Partners are the financial advisors to Tristar, with Freshfields as the legal counsel.

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