Global investment firm The Carlyle Group and amicaa, its Australian and New Zealand joint venture partner, committed to providing NZ$140 million of secured senior debt to finance a management buyout of New Zealand’s leading independent fuel retailer, NPD, by the company’s current CEO, Barry Sheridan.
Founded by the Milne Family in Nelson in 1969, NPD owns and manages its fuel transportation fleet and provides fuel cards to a large network of customers across 109 sites in the North and South Islands.
MinterEllisonRuddWatts advised amicaa, an Australian private credit manager, and The Carlyle Group on all aspects of their debt financing. The loan includes sustainability-linked incentives to support NPD in meeting Scope 3 emission targets.
Banking Partner Steve Gallaugher led the firm’s deal team and commented: “We’re delighted to have assisted Carlyle and amicaa on financing this significant and complex transaction. It demonstrates Carlyle and amicaa’s flexible capital solution offerings and illustrates the increasing importance of private capital in New Zealand.”
amicaa’s Senior Managing Director and Head of Private Debt, David Hoskins, commented: “It was great to work with Steve and the Minters team on this unique transaction, which ensures that this great New Zealand business can remain independent and continue to thrive. The Minters team were on hand to provide timely and invaluable legal advice and support throughout this process. We look forward to working with them again on future New Zealand transactions.”
The MinterEllisonRuddWatts deal team was led by Steve Gallaugher, with valued support from Partner Allison Hancock, Senior Associate Sophie Coggan and Solicitor Jessica Lee (banking), Partner Simon Akozu (tax) and Partner Neil Millar and Senior Associate Jasmin Matthews (corporate M&A).
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