October 15, 2026: 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 $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 $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.

(Source: Gulf News)