Gull New Zealand sold to Aussie equity firm

Monday, 14 March 2022

Gull New Zealand has been sold to Australian private equity firm Allegro Funds, pending approval from the Commerce Commission and the Overseas Investment Office.

Gull was sold for $572 million, according to an announcement on the ASX by Gull’s owner, Ampol.

In the statement, a representative of Ampol said the sale of Gull was made to ease competition concerns surrounding its $1.97 billion takeover bid for Z Energy.

The private equity firm had previously invested in other New Zealand companies such as Toll Global Express, Hannahs, Number One Shoes, Postie, and Carpet Court.

Gull General Manager, Dave Bodger says under new ownership, Gull will continue to be the key voice in the New Zealand market.

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Gull general manager Dave Bodger said it was a new chapter for the local gas supplier.

Bodger said the sale reflected the value of the predominantly unmanned low-cost model of the Gull New Zealand business.

“It is really exciting to be welcoming Allegro as our owners who are already signalling support for more growth in the business, which bodes well for the Kiwi motorist.”

The sale is subject to the Commerce Commission’s approval, and success of Ampol’s takeover bid of Z Energy.

A representative of Ampol said the company intended to use the proceeds of the sale of Gull to fund the Z acquisition.

Gull was founded in 1998 and has 113 service stations across the country.