In May, the Commerce Commission cleared the way for the shareholders of NPD Group, the Sheridan family, and Allegro Funds to form a new national fuel group.
NPD has acquired Gull and brought together two of New Zealand’s strongest independent fuel networks to establish NPDGull, New Zealand’s largest, majority Kiwi-owned fuel company.
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 fleet service.
In a social post, NPD Chief Executive Barry Sheridan said that at any time when every cent matters, Gull and NPD joining together will support lower fuel prices in New Zealand and continue the legacy of being the brands Kiwis trust for fair fuel prices.
“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,” mentioned Sheridan.
“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 added that with NPD shaking up the market for more than 55 years and Gull doing the same for the last 25, both 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 CEO, leading the combined entity. He 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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