Agility sells Tristar to Aegis Logistics for $1.5 billion

Agility Global PLC (Agility), a multi-business owner, operator and long-term investor, has agreed to sell 100% of its stake in Tristar, a global energy logistics business, to Aegis Logistics Limited, India’s leading integrated oil, gas, and chemical logistics company.

The transaction values Tristar at $1.5 billion enterprise value (equity value of $882 million), at a multiple of ~6.0x on 2025 EBITDA. The transaction is expected to be closed before end of March 2027, subject to regulatory approvals.

Under founder and CEO Eugene Mayne’s leadership, and with Agility’s capital backing and active management, Tristar evolved from a $13.5 million domestic road transport operator in 2004 into a diversified global integrated energy logistics platform. By 2025, Tristar operated across 30+ countries with 1,000+ trucks, 26 ocean-going and coastal vessels, 14 fuel farms, and 60+ remote fuel sites.

Key strategic expansion milestones include entry into maritime logistics (2004), securing first remote-site fuel contracts with an international organization (2007), a relationship maintained to this day, and deep partnerships with major energy operators including ADNOC, Shell, and Total. In 2022, Tristar acquired the majority stake in Aquarius Energy, a joint venture with Glencore, that created a leading global fuel storage platform with 3.5 million cubic metres of capacity.

Agility acquired Tristar in 2003 for nearly $7 million and invested a further $123 million over the first seven years, including in additional strategic fuel storage assets (the fuel logistics segment). With patient capital, governance and strategic direction, Agility’s fuel logistics investment is expected to yield a return in excess of $1 billion and an IRR of 16% over the 23-year holding period.

For Agility, this disciplined exit crystalises value for its shareholders, while enabling the Group to continue concentrating on its growth priorities, and reduce portfolio complexity. The proceeds will strengthen the Group’s balance sheet and provide flexibility for future capital deployment.

As we approach transaction close, the Board will evaluate the allocation of net proceeds across the Group’s capital allocation priorities: strategic growth investments, debt reduction, and shareholder returns as the Group’s capital position develops.

“Exactly 23 years ago, we invested $7 million into Tristar when it was generating just $13.5 million in revenue,” said Tarek Sultan, Chairman of Agility Global PLC. “Through disciplined governance, an additional $123 million investment in capital over the first seven years, and Eugene’s exceptional leadership, we developed this business into a leading global platform. Today, Tristar generates $1.4 billion in annual revenue and $257 million in EBITDA across 30+ countries, with an enterprise value of $1.5 billion.

On our $130 million invested, we have generated more than $1 billion in value – with one-third realized through dividends and capital returns to Agility, and the remaining two-thirds reflecting the fuel logistics segment valuation, including realized and unrealized value.

This transaction validates our business model: identify attractive sectors and promising businesses, deploy patient capital with disciplined governance, incentivize and empower management to scale, and realize value. This is our second major strategic exit, following the 2021 sale of Global Integrated Logistics to DSV. It demonstrates a consistent, repeatable approach to building and exiting businesses at scale.”