Private credit firm Ares Management has committed more than $400 million (NZ$1 billion) to finance the merger between Allegro Funds' New Zealand fuel retailer Gull and its South Island rival NPD.
The deal, valued at approximately $830 million, consolidates two major players in the Kiwi fuel market under Allegro's ownership.
The financing underscores the continued strength of private credit as a funding source for mid-market buyouts in the region.
Ares, a global leader in private credit, is providing the bulk of the debt capital for the transaction, which combines Gull's nationwide presence with NPD's 57-year-old, family-owned South Island operations.
Allegro Funds, the Sydney-based private equity firm behind the deal, has been actively expanding its footprint in New Zealand.
The firm previously acquired Gull in 2022 for $NZ572 million, funded through its fourth buyout fund.