Dubai-based energy logistics firm Tristar is reportedly kicking off a fresh push to sell stakes in the company, in a bid to capitalize on a recent surge in revenues, Bloomberg reported earlier this week, citing sources with knowledge of the matter. Tristar has reportedly tapped deNovo Partners to work on the sale process, with the pair looking to bring aboard another advisor to assist, the sources said. Details on the valuation and stake on offer have not been disclosed.

What’s next? Tristar’s investors are looking to bank on the company’s improved performance, on the back of its expansion to 29 countries, compared to the 21 countries it operated in during a previous round of IPO talks which fell through in 2021. Current IPO talks are ongoing, but could break down, the sources said.

More on the ditched IPO: Tristar withdrew its 24% offering on DFM “largely due to a mismatch in valuation expectations and investor education,” Chief Executive Eugene Mayne had told Bloomberg. Tristar’s withdrawal was seen as a setback for Dubai’s financial markets in 2021, with the city seeing a years-long dry spell in listings. The firm had initially planned a London listing, but withdrew after a fraud case involving London-listed NMC Health stoked anxieties about governance and transparency vis-a-vis GCC-based firms.

ICYMI- Tristar saw its revenues surge 78.3% y-o-y to USD 554 mn in 1H 2023, according to a press release.

About Tristar: Tristar is 65% owned by Kuwait’s Agility, with Gulf Investment Corp holding a 20% stake, and Mayne owning the remainder, Bloomberg said. The firm describes itself as a fully integrated energy logistics outfit serving downstream oil and gas sectors, and is active in maritime and road transport, bunkering, fuel storage, and other fields, according to its website.

Tristar’s recent activities: The firm inaugurated a new 10k sqm trucking staging station facility in Qatar in September 2023, and inked an agreement with Turkish Akdeniz Shipyard to build a hybrid bunker barge for the UAE’s Port of Fujairah, scheduled for commission in 1Q 2025.

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