NPD owner and chief executive Barry Sheridan will become the group chief executive of the new company.
The new fuel group will be majority Kiwi-owned, split between the two current owners of NPD and Gull. Composite / Bevan Conley, Sylvie Whinray
Ownership will be split evenly between the South Island-based Sheridan family and Allegro Funds, an Australasian private equity firm that owns Gull.
“Both companies are focused on making it easy for customers to pay less for fuel,” Sheridan said.
“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.”
Gull chief executive Dan Gilbert said the merger will allow the two businesses to capitalise on their market share.
“Joining forces means we’ll be everywhere, accelerating what we can do for more customers in more places.”
While customers likely won’t notice any changes in their day-to-day operations, the companies said Kiwis will benefit from improved distribution, shared infrastructure and reduced duplication.
Gull’s Mt Maunganui fuel terminal and NPD’s fuel truck fleet will be combined to enable more directly sourced fuel to reach sites around New Zealand.
The merger remains subject to regulatory approvals, with the Commerce Commission needing to clear the merger.
An application is expected to be lodged with the commission in January.
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