(Bloomberg) -- Tristar Transport has revived attempts to sell itself as investors in the Middle East logistics firm seek to cash in on the company’s recent revenue surge, according to people familiar with the matter.

The Dubai-based company, founded and led by Eugene Mayne, has hired deNovo Partners to run a formal sale process, the people said, asking not to be identified discussing non-public information. The company is also working with deNovo to add another adviser to help with the sale, the people said. 

Deliberations are ongoing and talks could still fall apart, the people said. Representatives for Tristar and deNovo declined to comment.

The moves come three years after Tristar shelved plans to take itself public on Dubai’s stock exchange. The company had already set a price range and scheduled the sale when the IPO stalled, with Mayne telling Bloomberg at that time that the offering was withdrawn “largely due to a mismatch in valuation expectations and investor education.” 

The firm was offering up to 24% of its shares in the IPO, which would have valued it at as much as 3.24 billion dirhams ($880 million).

Tristar, which was established as a road transportation business in 1998, has transformed into a fully integrated energy logistics business serving downstream oil and gas industry. Agility Public Warehousing Company owns 65% of the company, while Gulf Investment Corp. has a 20% stake. Mayne owns the remainder of the firm.  

Those existing investors are looking to capitalize on the company’s improved revenue, according to one of the people familiar with the matter. Revenue has grown as the company’s expanded into 29 countries, up from the 21 countries it was operating in when it last held the IPO talks, they said.

Tristar operates across three continents, and provides transportation and storage services to customers including Abu Dhabi National Oil Co., Total SA and Dow Inc.

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