Aegis Logistics Eyes $1.5B Tristar Acquisition

Aegis Logistics is reportedly in advanced discussions to acquire Tristar, a major privately owned liquid logistics company, for a valuation of $1.5 billion. This potential acquisition could represent one of the largest consolidation events in the sector.

Aegis Logistics, an Indian importer and distributor of oil and gas, is seeking acquisition financing for the deal. Tristar, which operates in over 30 countries across multiple continents, offers a diverse geographical footprint that aligns with Aegis's expansion strategy.

Industry participants view Tristar's global presence as complementary to Aegis's ambitious capital expenditure plans to broaden its reach. Both companies are currently engaged in bilateral negotiations under an exclusivity agreement.

Tristar, founded in 1998, has evolved into a fully integrated energy logistics business. Its shareholders include Kuwait-based Agility Public Warehousing Company and Gulf Investment Corp, with the founder Eugene Mayne also holding a stake. In 2025, Tristar reported a revenue increase of 14.4% to $1.4 billion.

Aegis Logistics, established by the Chandaria family, specializes in LPG and bulk liquid storage and distribution. The company has outlined significant capital expenditure plans, projecting investments of around $1.2 billion through March 2027 and further investments up to $5 billion by December 2030 to support growth.

Sources indicate Aegis is exploring options to refinance Tristar's existing $600 million debt and raise an additional $400-$500 million for the takeover. The remaining portion of the acquisition cost is expected to be financed through equity. Despite ongoing talks, there remains a possibility that the negotiations could ultimately fail.