India's Aegis Logistics Acquires 89.8% of Tristar for $809 Million

India's Aegis Logistics has agreed to acquire 89.8% of Tristar, a Dubai-based energy logistics group, for $809 million. The deal, carried out through Singapore-based subsidiary Aegis Logistics International, values Tristar at $1.5 billion on an enterprise basis and $882 million on an equity basis, equivalent to roughly six times its 2025 EBITDA.

Tristar operates in more than 30 countries and generated around $1.4 billion in revenue and $257 million in EBITDA in 2025, according to figures released by Agility. Its operations include 26 vessels comprising deep-sea and coastal tankers, more than 1,000 trucks, 14 fuel depots and more than 60 remote fuel supply points, in addition to its shipping arm Eships, which manages a mixed fleet of chemical tankers, oil tankers, gas carriers and bulk carriers, with much of the tonnage under long-term contracts with major energy companies.

Founded in 1998 by Eugene Mayne, Tristar began as a land transport operator, and in 2003 Agility came on board as a shareholder, investing around $7 million at the time. The leap into ship ownership was consolidated in 2016, when Tristar paid $90 million for Emirates Ship Investment Company (Eships) from German group Oldendorff, adding seven deep-sea chemical tankers, including two gas carriers, to what was already a growing fleet following a newbuilding program of six MR tankers worth about $200 million at South Korea's Hyundai Mipo Dockyard shipyard.

The company expects to continue growing through Project Griffin, which envisages the construction and operation of four MR tankers, the first of which would enter service in 2028, adding between 32 and 52 years of combined contractual coverage; Shell Tankers remains Tristar's main shipping customer. Agility, which holds a 65.12% stake in Tristar, expects to receive up to $581 million for its share, split into $425 million at closing, $110 million a year later and an earn-out of up to $46 million. The transaction is still subject to regulatory and antitrust approvals and is expected to close before the end of March 2027.

Tristar founder Eugene Mayne said the partnership opens a new stage of growth by leveraging complementary strengths, while Raj Chandaria, Chairman and Managing Director of Aegis Logistics, noted that the deal expands the company's global footprint by combining its logistics expertise with Tristar's multimodal capabilities. For his part, Tarek Sultan, Chairman of Agility Global, remarked that more than two decades of active management turned Tristar into a comprehensive energy logistics provider with a presence in more than 30 countries.