Sydney-based buyout firm CHAMP Private Equity has sold transport logistics group International Energy Services (IES) to McAleese, the Aussie transport giant, in a deal believed to be worth up to A$300m ($309m).
IES provides logistics for the Australian resources, energy, aviation and chemicals industries, and has been looking for a potential buyer on and off for the past few years.
McAleese, which emerged as the favourite to clinch the deal last month, has snapped up all three divisions of IES, including specialist fuel transport business Cootes, fuel-handling equipment maker Liquip and mining logistics service IES Resources.
The Australian private equity firm bought EIS in 2005. The company has since grown inorganically through a number of acquisitions, including a fuel transporter in Singapore and a mining transport company in Australia.
Trade sales have been on the rise in Australian private equity after IPOs fell out of favour due to poor performances of other floats and a generally weak stock market.
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