U.S. Investors Buy Australia's GeelongPort
A consortium of American and Australian investors have completed the acquisition of GeelongPort, one of Australia’s largest dry bulk ports.
As the second largest port in the state of Victoria, the privately-managed port handles 12 million tonnes of cargo and 600 vessel visits annually. GeelongPort acts as Victoria’s premier bulk port and a major driver of the region’s economy, facilitating more than $4.6 billion of trade per year.
Following the acquisition, estimated to be worth $734 million, U.S.-based infrastructure investment firm Stonepeak will control a 70 percent stake in GeelongPort. Spirit Super, an Australian industrial fund, will control the remaining 30 percent.
“Closing this transaction marks another exciting milestone in the history of GeelongPort as it continues to serve its customers and the greater community of Victoria while playing an integral role in global trade,” said Darren Keogh, Stonepeak Senior Managing Director. “We believe GeelongPort has access to a meaningful set of opportunities for long-term growth."
Stonepeak, which boasts $56 billion of assets under management and Spirit Super with $25 billion in funds under management, first announced plans to acquire GeelongPort in November last year.
The facility sits on 90 hectares of land, currently comprises of 15 berths over two primary precincts, Corio Quay and Lascelles Wharf providing land, infrastructure and services to facilitate trade for some of Victoria’s largest businesses.
Stonepeak has built a strategy of acquiring assets with massive growth potentials where it provides capital, operational support and committed partnership to sustainably grow the companies. Apart from transport and logistics, it also has interests in sectors like communications and energy and energy transition.
The firm, together with Spirit Super, sees the investment in GeelongPort as a long term venture and plan to grow its relations with its key customers. Its business is underpinned by blue-chip public and private contracts, including the Spirit of Tasmania, operated by TT Line.