CHAMP Private Equity exits IES to McAleese Group
CHAMP Private Equity has sold International Energy Services (IES), a logistics firm that specializes in the transportation of fuel products and hazardous chemicals, to McAleese Group. It is further confirmation of trade sales as the preferred exit channel in Australia as capital markets remain subdued.
Terms of the deal were not disclosed but a source familiar with the matter previously told The Wall Street Journal that IES is worth around A$300 million ($309 million). CHAMP is said to have put the business up for sale in July 2011, with initial bids submitted in August. In February, it was reported that Ironbridge Capital was one of several private equity firms considering a secondary buyout of IES in a deal that would value the company at up to A$375 million.
According to AVCJ Research, CHAMP formed IES in 2005 after purchasing the Cootes Transport and Liquip International subsidiaries of ION for A$144 million. It has since expanded the business into Asia and the US as well as enlarging the domestic footprint, buying Ross J Kiernan Tipping Transport for A$47.4 million in 2006.
IES claims to be the largest fuel transporter in Australia. It has four divisions: domestic fuel and chemicals distribution business IES Liquids, Singapore-based fuel transporter IES Asia, Australian transportation services provider IES Resources, and IES Equipment, which produces fuel-handling equipment.
McAleese Transport is a division of the McAleese Group, a transport and crane provider that serves mining, industrial and infrastructure projects throughout Australia.
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