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).
Note:
MinterEllisonRuddWatts is a top tier New Zealand law firm known for providing clients with technically excellent legal
solutions and innovative advice. We are trusted advisors and work alongside our clients to ensure success. We are proud
to be a New Zealand law firm offering a global outlook. Our offices in Auckland and Wellington can access an
international network through our firm’s strategic alliance with MinterEllison, a leading firm in the Asia-Pacific. The
firm supports numerous charitable endeavours and organisations through its pro bono and fundraising initiatives.