Tristar Group has signed an agreement with Aegis Logistics, one of India’s leading integrated oil, gas and chemical logistics companies, under which Aegis will become Tristar’s major shareholder. The transaction values Tristar at an enterprise value of $1.5 billion and an equity value of $882 million, representing approximately 6.0 times its 2025 EBITDA.
Eugene Mayne, Founder and Group CEO of Tristar Group, welcomed the partnership, stating that the collaboration would open a new phase of growth by bringing together the complementary strengths of both companies. He also reaffirmed Tristar’s commitment to safety, operational excellence and delivering long-term value to its customers.
The agreement marks a major milestone in Tristar’s expansion, building on its FY2025 revenue of $1.4 billion and more than 25 years of industry experience. The partnership will combine Tristar’s expertise in storing and transporting petroleum, chemicals, aviation fuel and liquefied natural gas (LNG) across the Middle East, Africa, Asia, Europe, the Americas and the Pacific with Aegis Logistics’ extensive LPG infrastructure, bulk liquid terminals and distribution network across India.
The alliance is expected to generate operational synergies, broaden service offerings and accelerate expansion in existing and emerging markets.
With a legacy spanning six decades, Aegis Logistics is a prominent player in India’s gas and energy logistics industry. The company provides integrated supply chain solutions for bulk liquids, petroleum, oil and lubricants (POL), chemicals and liquefied petroleum gas (LPG). It is also among India’s leading LPG importers and handlers.
Raj Chandaria, Chairman and Managing Director of Aegis Logistics, described the partnership as an important step in the company’s growth strategy. He highlighted the opportunity to expand its international presence by combining Aegis’ logistics expertise with Tristar’s multimodal capabilities, creating a stronger and more resilient global energy logistics network.
For Tristar, the agreement will strengthen its position in the LPG sector and expand its presence in India. Established in 1998, the company has grown into one of the Middle East’s leading global energy logistics providers. Agility Global’s entry as Tristar’s largest shareholder in 2004 played a pivotal role in accelerating its growth and strengthening its market position.
Tarek Sultan, Chairman of Agility Global PLC, credited Eugene Mayne’s leadership, Tristar’s operational capabilities and Agility’s long-term investment approach for transforming the company into a global integrated energy logistics provider. With operations across more than 30 countries, Tristar has developed an extensive portfolio of energy logistics solutions, supported by infrastructure investments, strong customer relationships and initiatives focused on lower-carbon technologies. Agility also extended its best wishes to Tristar and Aegis as they begin their next phase of growth.
Eugene Mayne expressed his appreciation to Agility for its strategic support and confidence throughout Tristar’s development. He acknowledged the role Agility played in enabling the company to diversify its services, pursue international expansion and capitalise on new business opportunities.
With an asset portfolio valued at $1.7 billion in FY2025, an expanding international footprint and a growing workforce, Tristar remains optimistic about its future growth prospects under the new partnership with Aegis Logistics.
Goldman Sachs and PJT Partners are serving as financial advisers to Tristar, while Freshfields is acting as its legal counsel.
