Which fuel franchise has entered the New Zealand market in $325m buy out?
Caltex Australia will enter the New Zealand fuel market with $325 million acquisition of retailer Gull New Zealand.
Caltex will take control of Gull’s fuel import terminal at Mount Maunganui, the country’s largest, and its 77 petrol and diesel retail outlets.
The company said Gull, which is Australian-owned, sells around 300 million litres of fuel annually which represents around five per cent of the New Zealand market.
Caltex said despite Gull’s concentration in the northern half of New Zealand’s North Island, it was well placed to grow profitability by expanding its 22 supply sites.
“This acquisition delivers on Caltex’s strategic plan as it optimises Caltex’s infrastructure position, builds trading and shipping capability, grows the supply base and enhances Caltex’s retail fuel offering through low risk entry into a new market,” the company said in a statement.
Caltex will retain Gull’s branding and employees as part of the deal. The transaction will be completed in the second quarter of 2017, subject to New Zealand regulatory approval.