Queensland’s McAleese Transport has purchased transport logistics provider International Energy Services (IES), after striking a deal with Champ Private Equity.
The purchase of IES was concluded late last week and continues the trend of private equity favoring trade sales for assets rather than initial public offerings, mainly due to subdued equity markets in Australia and the disappointing post-IPO performance of Myer Holdings and Collins Foods.
The deal is thought in some quarters, including the Wall Street Journal, to be worth about $300 million.
IES comprises three core divisions – specialised fuel transport business Cootes Transport, fuel-handling equipment maker Liquip, and IES Resources, which provides transport logistics and services to the mining sector.
McAleese Transport is a division of the McAleese Group, a privately held transport and crane provider to mining, industrial and infrastructure projects throughout Australia. It’s led by former Asciano chief executive Mark Rowsthor.
Champ bought IES in 2005. Since then, the company has made a few acquisitions including buying mining transport businesses in Australia and a fuel transporter in Singapore.
J.P. Morgan is providing financial advice to Champ Private Equity, while King & Wood Mallesons provided legal advice. Canterbury Partners advised McAleese Transport.
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