Australian firm CHAMP Private Equity is looking for a buyer for its International Energy Services business, a fuel transport company, Reuters reported Friday. The firm is looking for up to A$375 million ($405 million, and has seen some interest from logistics companies, Reuters wrote. Indicative offers are due in early August.
(Reuters) – Australia’s CHAMP Private Equity is seeking buyers for its International Energy Services (IES) business for a price up to A$375 million ($405 million), and has had interest from domestic and Asian logistics companies, a source told Reuters on Friday.
Indicative offers are due in early August for IES, the largest fuel transport company in the country and a provider of transport logistics to the booming resources sector in Queensland and Western Australia.
The company expects group revenue of about A$470 million in fiscal 2012, the source with direct knowledge of the situation said. The person declined to be named because the sale process is confidential.
Media reports said Toll Holdings or privately owned Linfox could be interested in IES.
JP Morgan has been appointed to manage the sale process.
IES is based in Melbourne and has operations around Australia and in Singapore and the United States, according to its website. Its businesses include Cootes Transport and a fuel handling equipment business.
IES Asia has plans for significant expansion into other Asian countries, according to the web site, and its customers in Asia include Caltex and ExxonMobil .
CHAMP Private Equity, one of the country’s top buyout firms, declined to comment. (Reporting by Victoria Thieberger; Editing by Balazs Koranyi)