Stonepeak and Spirit Super Complete Acquisition of Australia’s GeelongPort
NEW YORK and SYDNEY and MELBOURNE – April 26, 2023 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Spirit Super, an Australian industry super fund, today announced the successful completion of their previously announced acquisition of Australia’s GeelongPort Pty Limited (“GeelongPort”). Under the terms of the agreement, Stonepeak, on behalf of its managed funds and accounts, holds a majority 70% interest in the entity and Spirit Super has a 30% stake.
GeelongPort is a diversified landlord port that, in our view, is strategically positioned and critical to Victoria’s economy as the region’s second largest port. Located in Geelong, and situated approximately 75 kilometers southwest of Melbourne, the port manages over A$7 billion of trade and supports more than 1,800 jobs across the state. It also provides easy access to logistics routes for trade through critical road, rail, air, and channel connections for Geelong and south-west Victoria’s supply chains.
“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, Senior Managing Director at Stonepeak. “We believe GeelongPort has access to a meaningful set of opportunities for long-term growth, and we look forward to working with the GeelongPort team as we help them realize those opportunities while continuing to invest in existing objectives and supporting continued growth in the region.”
“We’re delighted to complete the acquisition of GeelongPort and to be partnering with Stonepeak going forward,” said Dr. Ross Barry, Chief Investment Officer at Spirit Super. “Our investment in the port reflects Spirit Super’s strong commitment to investing in compelling opportunities across regional Australia.”
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $55.7 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 and energy transition, transport and logistics, and social infrastructure. Stonepeak is headquartered in New York with offices in Hong Kong, Houston, London, Singapore, and Sydney. For more information, please visit www.stonepeak.com.
About Spirit Super
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 325,000 members and $25 billion in funds under management.
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