Fuel suppliers plan merger

NPD and Gull say they will retain their individual brands as part of a planned merger to become the largest independent, majority Kiwi-owned fuel company.

The companies say the deal will bring their teams, supply chains and a combined 240 sites under one network.

Barry Sheridan, NPD owner and chief executive, will become group CEO of the new business.

The firm will be 50 per cent owned by the South Island-based Sheridan family, who will be the largest single shareholder, and leading Australasian private equity firm Allegro Funds, owner of Gull, will hold the remaining 50 per cent.

“Both companies are focused on making it easy for customers to pay less for fuel,” says Sheridan. 

“NPD started doing so more than 55 years ago and Gull started shaking up the market 25 years ago. Together, we’ll do even more so motorists pay less.”

Dan Gilbert, Gull chief executive, adds: “We’ve both grown great businesses – with Gull having most of its sites in the North Island and NPD having most of its sites in the South Island – so joining forces means we’ll be everywhere, accelerating what we can do for more customers in more places.”

The companies say the merger means customers will benefit from a national network of sites, an increase in the individual companies’ fuel purchasing power, and improved distribution efficiencies. 

They note Gull’s Mt Maunganui fuel terminal and NPD’s network of fuel trucks will enable directly sourced fuel to be delivered to even more sites across the country.

The merger is subject to regulatory approvals and an application for clearance from the Commerce Commission will be registered in January.