Caltex bites into New Zealand with $235m acquisition of Gull
Caltex Australia Limited has entered into an agreement to purchase Gull New Zealand (Gull) for NZ$340 million (USD235m).
The acquired assets for NZ$340 million include Gull´s Mount Maunganui import fuel terminal, 77 gas stations and other retailing facilities.
Gull has been operating in the New Zealand fuel market since 1998 and is operationally positioned as a challenger brand. It has 77 retail sites in total, including 55 controlled retail sites (around one-third of sites unmanned) and 22 supply sites. It also provides fuel to numerous commercial customers.
The acquisition optimises Caltex’s infrastructure position, builds trading and shipping capability, grows the supply base and enhances the company´s retail fuel offering through low risk entry into a new market, according to the Australian fuel retailer.
Gull sells around 300ML of transport fuel (petrol and diesel) representing around 5% of the New Zealand market. The Mount Maunganui terminal is the largest facility of its type in New Zealand with total storage of approximately 90ML.
Caltex has grown to become a leading regional fuel supplier, with a vast network of approximately 1,900 company-owned, franchised or affiliated sites.
