Stonepeak, an alternative investment firm focused on infrastructure and real assets, and Spirit Super, an Australian industry super fund, have bought 100 percent of Australia’s GeelongPort, a port located approximately 75 kilometers southwest of Melbourne in Geelong.
GeelongPort is a landlord port managing over A$7 billion of trade and supporting over 1,800 jobs across the state. Stonepeak will hold a majority 70 percent interest in GeelongPort and Spirit Super will have a 30 percent stake. The acquisition aims to support GeelongPort in its growth efforts and deepen relationships with customers and business partners.
“It is a highly contracted entity with strong barriers to entry and stable and predictable demand drivers, which we believe are even more compelling when coupled with the port’s meaningful opportunities for long-term growth through additional development to meet future import-export demand in the region,” states Darren Keogh, senior managing director at Stonepeak.
Stonepeak and Spirit Super were advised by Gresham Partners acting as financial advisor, King & Wood Mallesons as legal advisor and Clayton Utz as tax advisor.