Stonepeak has agreed to acquire gas distribution network Allgas, while FIM said it has acquired a significant stake in Ala Kaifak. Barings also backs ICG’s acquisition of Cura Day Hospitals.
Stonepeak to buy Australia’s Allgas
US infrastructure and real estate investment firm Stonepeak said it has agreed to acquire Allgas, a gas distribution network in Queensland, Australia, for an undisclosed sum.
Stonepeak will acquire the business from the APA Group, Marubeni Corporation, and other shareholders. The transaction is subject to regulatory approvals and is expected to close in the first half of 2026.
Stonepeak senior managing director Darren Keogh said the deal reflects the firm’s view that natural gas remains an important part of the energy mix, supporting energy transition efforts, particularly in Australia.
He added that Queensland, especially South East Queensland, is seeing economic expansion driven by population and productivity growth, which supports demand for the Allgas network.
Allgas provides gas haulage infrastructure across a catchment spanning Brisbane to the northern tip of New South Wales, and separately Toowoomba and Oakey. Its network includes about 3,900 km of distribution mains, supplying around 120,000 households and businesses.
FIM Partners acquires stake in Saudi’s Ala Kaifak
Investment firm FIM Partners announced that it has acquired a significant stake in Ala Kaifak, a Saudi-based non-food discount retailer, for an undisclosed amount.
The transaction is FIM’s second bet on Saudi discount retail. In 2024, Kazyon, a portfolio company backed by FIM, acquired a controlling stake in local chain Dukan, the investor said.
FIM, which typically invests $75 million to $125 million for significant minority or majority positions, said Ala Kaifak plans to expand its large-format store network over the coming years while preparing for a potential IPO on Tadawul.
Founded in 1998, Ala Kaifak operates 33 stores across Saudi Arabia and serves more than 5 million customers a year, selling low-priced household essentials such as cleaning products, personal care items, and home and kitchenware.
Barings backs ICG’s acquisition of Cura Day Hospitals
Barings said it has been appointed as a mandated lead arranger on A$270 million of senior secured credit facilities backing Intermediate Capital Group’s acquisition of a majority stake in Australia’s Cura Day Hospitals Group.
The financing supports ICG’s return to Cura, marking its second investment in the business after a 2014 deal with doctor and management shareholders that helped fund clinic acquisitions and organic growth before ICG exited in 2020, according to the statement.
Cura, headquartered in Brisbane, is an independent operator of private day hospital facilities. It runs 29 sites across Australia, located in major metropolitan areas and fast-growing regional centres, and performs a range of same-day medical procedures.
The debt package is expected to fund the buyout and provide additional capital for Cura’s expansion plans.
