Stonepeak, a US-based infrastructure investor with boots already on the ground in Australia, has announced that it will acquire a 75 per cent interest in Queensland-based fuel giant IOR.
Founded in 1984, IOR has grown from its roots in regional Queensland to become a national powerhouse in fuel distribution and logistics.
With more than 110 unmanned truck stops scattered across Australia – many in some of the country’s most remote corners – IOR keeps fuel flowing to more than 7000 customers across transport, mining, ag, aviation, and beyond.
Stonepeak said the deal will strengthen IOR’s growth and support the critical role it plays in Australia’s supply chains.
“IOR is a leader in commercial fuel distribution and logistics in Australia,” said Darren Keogh, Senior Managing Director at Stonepeak.
“With its expansive network, strong customer base and reliable operating model, it’s a perfect fit for our Asia infrastructure strategy.
“In IOR, Stonepeak is investing in essential fuel distribution as a critical input into the Australian economy. We look forward to partnering with IOR’s existing shareholders and talented management team to support its continued growth.”
IOR’s management team will stay on to lead the business, working alongside Stonepeak to expand the company’s national footprint and customer offering.
The transaction is expected to close in the second half of 2025, pending regulatory approvals. Financial terms weren’t disclosed.
IOR CEO Drew Morland added that Stonepeak’s experience across energy and logistics made them an ideal partner.
“Stonepeak understands the industry, has people on the ground in Australia, and shares our values of innovation, community and reliability,” he said.
“With Stonepeak, we will continue to prioritise our local, hands-on relationships with our customers and suppliers, and be well-positioned to enhance their experience by providing them with innovative solutions that drive the industry forward.
“The strength of our team has always been the foundation of our success, delivering for our customers through our values of innovation, our communities, and reliability. I am proud that Stonepeak believes in our future, by investing in the next chapter which will shape our success and build on this great Australian business.”
Stonepeak has already invested around $1 billion across Australia and New Zealand in key infrastructure assets, including Geelong Port and South Australia’s second-largest battery storage project.
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