Ampol/Z: Commission Approves Divestment Of Gull To Allegro Transaction Vehicle

The Commerce Commission has approved the sale by Ampol Limited (Ampol) of the Gull business in New Zealand (Gull) to GNZ Energy Bidco Limited (GNZ). GNZ is controlled by Allegro Funds Pty Ltd (Allegro) and owned by a combination of investors in the Allegro managed funds.

Ampol is selling Gull to GNZ in order to meet its obligations under the terms of the Divestment Undertaking that the Commission accepted as part of granting clearance for Ampol to acquire Z Energy Limited (Z). The Commission granted clearance for this acquisition on 16 March 2022 (media release).

“The Commission is satisfied that GNZ, among other things, has the financial resources, business expertise and incentive to operate Gull in competition with Z Energy, and that its acquisition of Gull is not likely to raise competition concerns in its own right,” says Commission Chair Anna Rawlings.

Background
GNZ is a new entity established by Allegro for the purposes of undertaking the acquisition of Gull. Allegro is an Australian wholly owned licensed private equity fund manager. The Allegro team currently comprises approximately 30 professionals located in Australia, and a broader network of professionals across Australia and New Zealand. Allegro’s existing capital investments in New Zealand include Hannah’s and Number One Shoes, Carpet Court New Zealand, and Toll Global Express.

On 16 March 2022 the Commission granted clearance for Ampol Limited to acquire 100% of the shares in Z Energy Limited, subject to an undertaking from Ampol to sell Gull (Divestment Undertaking).

Under the terms of that Divestment Undertaking, Ampol was required to apply to the Commission for approval of the purchaser of Gull.

Further information explaining how the Commission assesses the proposed purchaser of divested assets/businesses is available on our website.

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