GNZ Energy Bidco Limited
Case number(s)
Decision date
Decision Consent approved
Section 13(1) Overseas Investment Act 2005
Decision Maker Overseas Investment Office
Decision Date 27 June 2022
Pathway(s) Significant business assets only
National Interest assessment 
Investment Acquisition of 100% of the shares in ALD Group Holdings NZ Limited
Consideration $573,400,000
Applicant GNZ Energy Bidco Limited 
Australia (61.72%)
USA (14.05%)
Germany (13.53%)
Various (10.7%)
Vendor Ampol Limited 
Australia (99.90%) 
New Zealand (0.10%) 

The Applicant is a New Zealand company ultimately owned by investment vehicles managed by Allegro Funds Pty Ltd, a specialist turnaround private equity manager registered in Australia.

The Applicant has been granted consent to acquire 100% of the shares in ALD Group Holdings NZ Limited (ALD). ALD is the holding company of Gull New Zealand Limited, which owns the ‘Gull business’. The Gull business involves supply of fuel through its 115 sites and importation of fuel through its import terminal at Mount Maunganui.

The Vendor is an Australian company engaged in petroleum refinery, importation, marketing, and distribution. It recently acquired Z Energy Limited (Z Energy), a New Zealand company engaged in the supply of fuel.

The sale by the Vendor of ALD is in satisfaction of the Vendor's undertaking to the Commerce Commission as part of its purchase of Z Energy.

The Applicant has satisfied the investor test and the national interest test.

More information Garth Sinclair
Webb Henderson
PO Box 105-426