Infrastructure
Supporting Australia’s fuel security infrastructure
Macquarie Capital advised Stonepeak on its acquisition of a 75 per cent interest in iOR, one of Australia’s key independent fuel providers
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| Sector | Infrastructure |
| Sub-sector | Transport |
| Location | Australia |
Opportunity
Australia's liquid fuels market has undergone significant transformation over the past decade.
The closure of several domestic fuel refineries has driven Australia's reliance on diesel imports to approximately 90 per cent of total consumption.1
As the Australian Government seeks to strengthen fuel supply resilience, iOR has emerged as a critical player in the country's fuel infrastructure sector. The family-owned business operates a vertically integrated fuel import terminal and distribution platform, including special-purpose diesel import terminals in Queensland and South Australia and a network of more than 250 sites, making it one of Australia’s largest independent fuel distributors.2
The company also operates a network of highly reliable, unmanned diesel stops for heavy vehicles, while delivering bulk fuel, storage and monitoring solutions across Australia. It supplies fuel to customers across the mining, agriculture, transport, logistics and aviation sectors. By supplying businesses and transport hubs in industrial, rural and remote areas, iOR helps sustain critical sectors of Australia’s economy.
Approach
Macquarie Capital acted as sole financial adviser to Stonepeak on its acquisition of a 75 per cent interest in iOR, providing strategic financial advice and management of stakeholder engagement.
With few comparable assets in the Australian infrastructure sector, positioning iOR as a margin-per-litre business with cost pass-through characteristics was key to demonstrating its infrastructure-like earnings profile and maximising value for the founding shareholders. This strategy aligned with the growing trend of infrastructure investors expanding beyond traditional core infrastructure assets into adjacent core plus sectors, including fuel distribution.
Macquarie Capital brought together specialists from its Infrastructure, Critical Minerals and Energy, and Debt Capital Markets teams to provide Stonepeak with insight into operational dynamics, the competitive landscape and sector trends. Macquarie Capital also arranged an acquisition financing package, securing a new term loan facility and a right-sized trade finance facility.
The transaction was structured as a long-term partnership, with existing shareholders and management retaining a 25 per cent stake, ensuring continuity of operations and alignment.
Outcome
Stonepeak’s investment strengthens iOR’s capacity to support Australia’s growing fuel security requirements and reinforces fuel supply chains across regional and remote communities.3
The transaction highlights the important role private capital plays in essential and core plus infrastructure, helping distribution networks remain resilient, efficient and responsive to changing energy needs. It also reflects increasing institutional appetite for non-traditional, infrastructure-adjacent investments.
iOR’s unique assets and distribution network enabled it to play a role in supporting Australia’s fuel security during periods of heightened supply-chain volatility. The company entered partnerships with federal and state governments, including agreements with Export Finance Australia (EFA) to support the purchase of additional fuel to address regional shortages and a partnership with the South Australian Government to establish a strategic diesel reserve for industry and regional communities.4
Macquarie Capital navigated this complex transaction by aligning its diverse expertise across sectors to deliver integrated strategic advice, along with a commercial financing solution that supported Stonepeak to secure a high-quality asset with long-term national significance.
Import to distribution
operates across the full value chain
250+ sites
national network of fuel stops and facilities |
1. ‘Australia’s Energy Commodity Resources 2025’, Australian Government, October 2025
2. ‘Diesel storage capacity across Australia’, iOR, accessed October 2026
3. ‘Stonepeak to Acquire Majority Interest in iOR’, Stonepeak, April 2025
4. ‘First fuel shipments secured under new Strategic Reserve Powers’, Export Finance Australia, April 2026
5. ‘iOR supply & trading’, iOR, accessed October 2026
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