01 May, 2023

Spirit Super and Stonepeak complete acquisition of GeelongPort

Spirit Super and Stonepeak, a leading alternative investment firm specialising in infrastructure and real assets, have 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 south-west 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 realise 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.’