Stonepeak and Spirit Super to acquire Australia’s GeelongPort
Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Spirit Super, an Australian industry super fund, has announced the signing of a definitive agreement to acquire 100% of Australia’s GeelongPort Pty Limited (“GeelongPort”), according to the company's release.
GeelongPort is Victoria’s second largest port located approximately 75 kilometers southwest of Melbourne within Victoria’s largest regional city, Geelong. Under the terms of the agreement, Stonepeak, on behalf of its managed funds and accounts, will hold a majority 70% interest in the entity and Spirit Super will have a 30% stake.
GeelongPort is a diversified landlord port and a major driver of Victoria’s economy, managing over A$7 billion of trade and supporting more than 1,800 jobs across the state.
GeelongPort comprises 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. GeelongPort handles close to 12 million tonnes of cargo and more than 600 vessel visits each year.
The transaction is expected to close towards the end of the first quarter of 2023, subject to customary regulatory approvals.
Stonepeak is a leading alternative investment firm specialising in infrastructure and real assets with approximately US$51.7 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to sustainably grow investments in its target sectors, which include communications, energy transition, transport and logistics, and social infrastructure. Stonepeak is headquartered in New York with offices in Austin, Hong Kong, Houston, London, and Sydney.
Spirit Super was established in 2021 through the merger of Tasplan and MTAA Super. As an industry fund for hard working Australians, they are focused on growing membership in rural and regional Australia. Spirit Super has over 324,000 members and $25 billion in funds under management.
