IOR has been sold to Stonepeak

IOR

IOR is a leading Australian integrated commercial fuel and logistics provider, founded in Queensland in 1984 and headquartered in Brisbane. The company operates across the entire fuel distribution value chain—from import and refining to storage, distribution and equipment—supported by an extensive national network that includes more than 110 unmanned truck refueling locations and over 30 aviation refueling facilities. IOR provides efficient, reliable fuel supply and management solutions to more than 7,000 customers across Australia and the Pacific. These customers span a broad range of industrial and regional sectors including transportation, mining, oil & gas, agriculture, aviation and construction. A hallmark of IOR’s approach is its proprietary technology platform, HyDip, which ensures customers have 24 / 7 fuel access—even in remote locations—helping to underpin operational excellence and innovation for Australia’s critical infrastructure and logistics sectors.

The Deal

Stonepeak, a leading global infrastructure investor, has completed the agreement to acquire a 75% interest in IOR. The existing shareholder group will retain a 25% interest, continuing as a long-term partner in the next chapter of the company’s growth.

Lincoln International and its partner firm, Miles Advisory, worked hand in hand to design and execute a highly competitive and strategic sale process. This process was meticulously structured to meet the complexities of IOR’s integrated business model, as well as the expectations of sophisticated international buyers. Together, the Lincoln and Miles teams delivered comprehensive vendor due diligence and clear, transparent communications, enabling bidders to build conviction around IOR’s unique value drivers. The process was carefully structured to attract and educate a diverse range of bidders, including both major domestic players and internationally active trade groups and financial sponsors. Stonepeak’s strong local presence in Australia, with a dedicated team deeply familiar with the local energy and infrastructure landscape, was a key factor in their selection as partner for IOR’s next stage of growth. The process required close collaboration with IOR’s shareholders and management at every stage, maintaining competitive tension throughout and ultimately achieving an outstanding outcome for all stakeholders. The result is a new partnership with Stonepeak that positions IOR for continued network expansion, technology innovation and leadership within Australia’s energy supply chain.

Our Perspective

Carlos Candil, Managing Director and head of Lincoln’s European energy transition efforts, commented, “This transaction underlines the strategic importance of resilient, technology-enabled fuel logistics in Australia’s industrial supply chain. We are proud to have supported IOR and its shareholders, together with our partners at Miles Advisory, in securing a value-enhancing partnership with Stonepeak. The combination of Stonepeak’s global infrastructure expertise and IOR’s innovative platform will accelerate growth and further strengthen Australia’s energy supply backbone. Our sector knowledge and hands-on deal management were critical in delivering this successful outcome for all parties.”

Stonepeak Infrastructure Partners

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $72 billion of assets under management. Through its global investments in defensive, hard-asset businesses, 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.

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