Image source: Engage MarineQIC Private Debt has provided a $110 million senior secured financing package to support Asian Bulk Logistics' (ABL) acquisition of Engage Marine, Australia's second-largest marine towage operator and a critical provider of marine services across the nation's ports.
The transaction supports the continued expansion of ABL's Australian transport and logistics platform and highlights the growing role private debt is playing in funding strategic acquisitions across the Australian middle market.
Engage Marine operates across key Australian ports and supports the movement of major commodity exports and freight volumes through long-term contracted marine services. The business has established a significant presence in Australia’s towage sector, providing essential services that underpin the safe and efficient movement of trade through Australian ports.
The financing supports ABL's acquisition of a majority interest in Engage Marine and will be used to refinance existing facilities and support the company's next phase of growth.
QIC Head of Private Debt Australia Phil Miall said the transaction reflected both the quality of opportunities emerging in the Australian private debt market and the increasing demand for tailored financing solutions from sponsors and corporates.
We're seeing a growing number of strategic transactions where sponsors and corporate acquirers are looking for financing partners that can provide scale, certainty and flexibility.
Phil Miall - Head of QIC Private Debt Australia
"This transaction is a case in point, with a high-quality business operating at the centre of Australia's sea freight and logistics network, with long-term customer relationships, contracted revenues and strong market positions across a number of strategically important Australian ports.
"Those characteristics are increasingly valuable in the current environment. As private debt markets mature, institutional investors are placing greater emphasis on businesses with resilient earnings profiles and financing structures that are built to perform through different market conditions.”
Bettina Lung, QIC Director Private Debt Australia, said Australia's private debt market continues to evolve as sponsors and corporates increasingly seek alternative sources of capital to support acquisitions, refinancings and growth initiatives.
Private debt is an increasingly important part of the Australian funding landscape, offering borrowers greater flexibility and certainty of execution while providing institutional investors with access to competitive risk-adjusted returns.
Bettina Lung - Director, QIC Private Debt Australia
"We continue to see a strong pipeline of opportunities across sectors that benefit from durable cashflows, strong market positions and/or essential service characteristics."
Commenting on the financial process, Ika Bethari, President Director at ABL said: "We ran a competitive financing process and were ultimately attracted to QIC Private Debt's ability to provide speed, certainty and capital flexibility. The team was able to work through the complexity of the transaction and deliver a solution that aligned with our acquisition objectives and timeline."
The transaction reflects a broader shift in the Australian private debt market. After a period in which refinancing activity dominated deal flow, acquisition and growth financing is increasing – underpinned by strong private equity appetite, a resilient economic outlook and continued bank disintermediation in the mid-market.
The transaction adds to QIC Private Debt's growing portfolio of investments in businesses providing essential services and demonstrates the increasing role of institutional private debt in supporting acquisition financing across the Australian mid-market. It also reflects QIC's growing exposure to Australia's marine and trade logistics sector across its private debt and broader real assets capabilities. QIC Private Debt Australia has now deployed over A$750m across 14 transactions to date.
QIC Private Debt launched in 2021 and now has over A$2.2bn of assets under management (AUM) and committed capital, split across Private Debt Australia and Private Debt Infrastructure, with staff across four offices in Sydney, Brisbane, New York and London (as at 30 June 2026).
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