Green Light For Fair Fuel Across New Zealand

New Zealand’s two fairest1fuel providers have been given regulatory approval to join forces and keep fuel prices as low as possible across the country.

Today’s Commerce Commission announcement clears the way for the shareholders of NPD Group, the Sheridan family, together with Allegro Funds, a leading Australasian Private Equity firm, to form a new national fuel group. NPD will acquire Gull and bring together two of New Zealand’s strongest independent fuel networks.

Planning is now underway to establish New Zealand’s largest, majority Kiwi-owned fuel company within the next two months.

Maintaining both the NPD and Gull brands, the combined entity will provide self-serve fuel at 240 sites from Invercargill to Kaitaia. Continuing to offer Kiwi drivers highly competitive prices, it will also develop a national service for fleet customers.

NPD Chief Executive Barry Sheridan, the largest shareholder representative and incoming Chief Executive Officer of the new Group, welcomes the Commerce Commission’s approval at a time when the cost of fuel is on every motorist’s mind.

“At a time when every cent matters, Gull and NPD joining together will make our ability to support lower fuel prices in NZ even stronger, as we continue our legacy of being the brands New Zealander's trust for fair fuel prices,” says Barry.

“Combining Gull’s Mt Maunganui fuel import terminal and the NPD’s owned and managed fleet of fuel trucks creates a strong fuel supply solution for all commercial and retail customers. Add to this smart distribution efficiencies, economies of scale, and a committed team focused on customer service, and we’ll have a formidable offer to best meet any fuel demands in New Zealand.”

Gull Chief Executive Dan Gilbert says, “Being there for motorists with lower prices, every day, is something both companies have in common.”

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“It’s going to be exciting to see the ‘Gull effect’ and ‘NPD effect’ on fuel competition deliver even more through the combined business, a company with national scale. Beyond pricing, it brings resilience to fuel supply that benefits motorists everywhere,” says Dan.

“With NPD shaking up the market for more than 55 years and Gull doing the same for the last 25, our teams have a lot in common when it comes to delivering savings, speed and safety.”

The combined business will be owned by the South Island-based Sheridan family, who will be the largest single shareholder, with Barry Sheridan leading the operations and the balance held by Allegro Funds, the current owner of Gull.

The business will be chaired by Allegro Funds’ Fay Bou, with NPD owner Barry Sheridan as the Chief Executive Officer leading the combined entity. Barry will bring deep, longstanding hands-on knowledge of the fuel sector and together with Allegro’s private equity investment expertise, will grow the business and deliver an enhanced fuel offering to New Zealand motorists.

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