The merger brings together two of New Zealand’s leading independent fuel businesses across a 240-site retail platform. Gull, which has been owned by Allegro since 2022, is one of New Zealand’s largest fuel retailers, while NPD is a long-standing, family-owned New Zealand fuel business with a strong presence across the South Island and a growing national footprint. G+T also acted for Allegro on the financing for that transaction.
G+T advised on the complex leveraged financing, which was governed by New Zealand law and requiring approval from the New Zealand Commerce Commission. The firm worked closely with New Zealand counsel and the broader adviser group across the merger, security and regulatory workstreams.
The G+T team was led by partner Gail Christopher, with support from special counsel Kerry Carew, lawyer Adam Aarons and graduate Kevin Shi.
Gail commented:
We are delighted to have supported longstanding client Allegro Funds on the financing of this important New Zealand fuel sector transaction. The combination of Gull and NPD creates a fuel retail platform with significant national scale, underpinned by two complementary networks and well-known local brands. This was a technically complex financing, requiring close coordination across multiple workstreams and advisers. It was a privilege to help deliver a financing package that supports the next stage of growth for the combined business.
