Allegro Funds completes acquisition of Gull New Zealand
The company has acquired 100% of its net cash from Ampol Limited and will own the independent fuel retailer’s network consisting of 115 service stations.
Allegro Funds has announced the completion of its acquisition of Gull New Zealand from Ampol Limited. Under the terms of the sale, the company has acquired 100% of the fuel retailer for net cash proceeds of approximately NZ$522 million, which is currently subject to adjustment.
Gull is one of New Zealand’s largest independent fuel retailers, with a network that encompasses 115 service stations, the majority of which are unmanned sites. It is also the only independent operator with a vertically integrated fuel supply capability, owning a strategic import terminal located at Mount Maunganui.
“Gull is a beloved brand by Kiwi motorists for its low-cost fuel offering and customer first focus. Under Allegro ownership, we intend to build on Gull’s strong market position and low cost to serve by investing in a range of growth initiatives and maintaining its commitment to best value fuel. We are also excited by the opportunities to build ESG capability as Gull navigates an evolving market that transitions for the future,” said Fay Bou, Managing Director of Allegro.
The retailer was established in New Zealand in 1998 and sells over 500 megalitres of fuel annually, representing an approximate 8% market share of New Zealand’s liquid fuel volumes. The business will continue to be run by its management team led by Dave Bodger, who has been General Manager for the past 16 years and was previously with Mobil for 17 years.
Gull represents the first acquisition in Fund IV which closed in May 2022 with $750 million ready to deploy on opportunities aligned to Allegro’s investment style of driving active transformation of strategically valuable businesses.
