Gull New Zealand Explained

Gull New Zealand
Industry:Fuel retailing
Founded:1998
Founder:Gull Petroleum
Hq Location City:Auckland
Hq Location Country:New Zealand
Area Served:New Zealand
Parent:Allegro Funds

Gull New Zealand is a New Zealand petroleum distribution company and petrol station chain. It is the country's third largest fuel retailer, with 113 locations in New Zealand including 45 in Auckland.

History

Gull Petroleum began as a Western Australian petrol company founded by Keith Mitchell, Mark Quackenbush and Terry Lockwood in 1976. Real estate agent Fred Rae bought into the company in 1978 and became the controlling shareholder in 1994.[1]

Rae established Gull New Zealand was established in 1998, as the New Zealand arm of the business. It opened its first retail outlet in Frankton, Hamilton in 1999.[2]

In December 2016, Rae agreed terms to sell Gull New Zealand to Caltex Australia (later Ampol).[3] [4] [5] The sale was completed in July 2017.[6]

In 2019, Gull opened its first South Island site.[7]

In March 2021, Gull opened its 100th site in East Tāmaki, Auckland.[7] The opening was celebrated by cutting 100 cents off prices for the first 100 minutes.[8] In August 2021, Ampol announced its intentions to purchase Z Energy. Its ownership of Gull New Zealand was identified as a potential roadblock to the purchase.[9] In October 2021, UBS valued the company at AU$400 million to AU$600 million.[10]

In February 2022, Ampol ruled out a share float of Gull.[11] [12] Two weeks later, it agreed to an outright sale to Australian investment firm Allegro Funds for $572 million,[13] in order to get Commerce Commission approval to buy Z Energy.[14] The sale was conditional on the Z Energy purchase being approved, and proceeds from the sale would be used to fund the Z Energy purchase.[15]

Ampol agreed to continue supply Gull with petrol for five years following the sale.[16] Allegro Funds expressed an interest in expanding Gull.[17]

External links

Notes and References

  1. News: How family values fuelled homegrown Gull empire . . 7 December 2017.
  2. Web site: About Us . Gull Petroleum . https://web.archive.org/web/20220203155327/https://gull.nz/about-us/ . 3 February 2022.
  3. News: Caltex Australia to Purchase Gull New Zealand . Caltex Australia. 22 December 2016 . https://web.archive.org/web/20220220195350/https://www.asx.com.au/asxpdf/20161222/pdf/43dxn8hrfgcdqv.pdf . 20 February 2022.
  4. Web site: The $700m family behind Gull NZ, the low-profile Raes. Stuff. 22 December 2016. 9 March 2020.
  5. Web site: Gull acquisition beating expectations for Caltex Australia. New Zealand Herald. 26 February 2019. 9 March 2020.
  6. News: Caltex Welcomes Consent to Gull New Zealand Acquisition . Caltex Australia. 26 June 2017 . https://web.archive.org/web/20220220201828/https://www.asx.com.au/asxpdf/20170626/pdf/43k5hp29qlfr83.pdf . 20 February 2022.
  7. News: Gull Reaches 100 – Magic Milestone Marks Cheaper Fuel For NZ . Gull New Zealand . . 23 March 2021.
  8. News: Quinlivan . Mark . Gull drops petrol price by 100 cents for 100 minutes at Auckland's Te Irirangi site . . . 23 March 2021.
  9. News: Smellie . Patrick . Gull could be roadblock to Z sale . Business Desk . 23 August 2021.
  10. News: MacDonald . Anthony . Ampol’s Gull NZ worth up to $600m: UBS . . . 12 October 2021.
  11. News: Ampol/Z - Ampol Varies Clearance Application . . . 28 February 2022.
  12. News: Ampol scraps share float option of Gull . RNZ News . . 1 March 2022.
  13. News: Ampol plans to sell Gull Petroleum to Allegro Funds pending approvals . . . 14 March 2022.
  14. News: Ampol Agress to Sell Gull NZ to Allegro Funds . https://web.archive.org/web/20220313223732/https://www.marketwatch.com/story/ampol-agress-to-sell-gull-nz-to-allegro-funds-271647207201 . dead . 13 March 2022 . . . 13 March 2022.
  15. News: Australia's Ampol makes space for Z Energy with sale of Gull NZ unit . . 14 March 2022.
  16. News: Ampol to sell Gull business in New Zealand to Allegro for $389m . NS Energy . 14 March 2022.
  17. News: Smith . Daniel . Gull New Zealand sold to Aussie equity firm . Stuff Business . . 14 March 2022.

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