M&A Deal Summary

Allegro Funds Acquires Gull

On July 27, 2022, distressed investor Allegro Funds acquired retailer Gull from Ampol for 522M NZD

Acquisition Highlights
  • This is Allegro Funds’ 3rd transaction in the Retail sector.
  • This is Allegro Funds’ largest (disclosed) transaction.
  • This is Allegro Funds’ 2nd transaction in New Zealand.

M&A Deal Summary

Date 2022-07-27
Target Gull
Sector Retail
Buyer(s) Allegro Funds
Sellers(s) Ampol
Deal Type Divestiture
Deal Value 522M NZD

Target

Gull

Auckland, New Zealand
Gull is an independent vertically integrated fuel retailer and terminal operator. Gull operates a network of 117 retail outlets, the majority of which are unmanned sites, and retails over 500 megalitres of fuel annually. Gull was founded in 1998 and is based in Auckland, New Zealand.

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Buyer(S) 1

Buyer

Allegro Funds

Sydney, Australia

Investor Investor Investor Investor Investor


Category Distressed Investor
Founded 2004
PE ASSETS 4.8B AUD
Size Large
Type Sector Agnostic
DESCRIPTION

Allegro Funds is an independent private equity firm focused on mid-sized investment opportunities in Australia and New Zealand. The Firm will consider investing in businesses needing capital for growth, management buyouts, as well as more complex turnarounds and restructurings. Allegro's target investment size is A$10 to A$100 million in transactions valued up to A$300 million. Allegro is a generalist investor, however the Firm will not invest in property development, agriculture, or mining/exploration. Allegro Funds was formed in 2004 and is based in Sydney.


DEAL STATS #
Overall 23 of 27
Sector: Retail M&A 3 of 3
Type: Divestiture M&A Deals 6 of 7
Country: New Zealand M&A 2 of 2
Year: 2022 M&A 1 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-15 Journey Beyond

Adelaide, Australia

Journey Beyond is an experiential tourism group that is privileged to own and operate 13 brands spanning the country, connecting guests to the land, and to each other. Journey Beyond was founded in 2016 and is based in Adelaide, Australia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-13 Camp Australia

Malvern East, Australia

Camp Australia delivers high quality and affordable After School Care that nurtures and supports children's development. Providing time for homework, time to relax, educational activities and a healthy snack. Camp Australia was founded in 1987 and is based in Malvern East, Australia.

Buy -

Seller(S) 1

SELLER

Ampol

Alexandria, Australia

Category Company
Founded 1900
Sector Oil/Gas Exploration
Employees9,000
Revenue 34.8B AUD (2024)
DESCRIPTION

Ampol is a transport fuel supplier and convenience retailer and an integrated oil refining and marketing company. It supplies fuel to approximately 80,000 customers in diverse markets across the Australian economy, including defence, mining, transport, marine, agriculture, aviation and other commercial sectors. Across its retail network, the company serves approximately three million customers every week with fuel and convenience products, as well as electric vehicle charging at selected locations. Ampol was founded in 1900 and is based in Alexandria, Australia.


DEAL STATS #
Overall 1 of 1
Sector: Retail M&A 1 of 1
Type: Divestiture M&A Deals 1 of 1
Country: New Zealand M&A 1 of 1
Year: 2022 M&A 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-14 EG Australia

North Sydney, Australia

EG Australia offers fuel and convenience needs by combining a range of household essentials, meal deals, and snacks, with the expert support of partners such as Mocopan Coffee. EG Australia was formed in 2019 and is based in North Sydney, Australia.

Buy AU$1.1B