Gull New Zealand
| Industry | Petroleum distribution and retail |
|---|---|
| Founded | 1998 |
| Founder | Fred Rae (for the New Zealand branch) |
| Headquarters | New Zealand |
Area served | New Zealand |
| Products | Fuel, including petrol and diesel |
| Parent | Allegro Funds (as of 2022) |
| Website | www |
Gull New Zealand operates as a petroleum distributor and petrol station network within New Zealand. It holds the position of the third largest fuel retailer in the nation, managing 113 sites across the country, including 45 locations in Auckland.
History
The origins of Gull Petroleum trace back to Western Australia in 1976, when it was founded by Keith Mitchell, Mark Quackenbush, and Terry Lockwood. In 1978, real estate professional Fred Rae became involved and had acquired majority control by 1994.
In 1998, Rae launched Gull New Zealand as the company’s branch in New Zealand, opening its inaugural retail station in Frankton, Hamilton a year later in 1999.
Gull introduced Diesel Max in 2010, a biodiesel blend containing 5% renewable fuel initially obtained from local supplier Environ Fuels and offered at five outlets. Facing difficulties with domestic supply, the company transitioned to importing Australian biodiesel in 2014. By December 2020, Gull discontinued this biodiesel product due to challenges related to cost-effectiveness, scalability, and supply chain reliability.
In December 2016, Rae agreed to sell Gull New Zealand to Caltex Australia (which later rebranded as Ampol), with the acquisition finalized in July 2017.
The brand entered the South Island market in 2019 with its first station opening there. When Gull reached 100 operational sites in March 2021, it marked the occasion by reducing fuel prices by $1 per litre for the initial 100 minutes at its new East Tāmaki outlet.
Ampol announced intentions to acquire Z Energy in August 2021, identifying its ownership of Gull as a possible regulatory concern. In October 2021, UBS estimated Gull’s value between AU$400 million and AU$600 million.
By February 2022, Ampol dismissed plans for a public offering of Gull shares. Shortly afterward, it agreed to divest Gull New Zealand to Australian private equity firm Allegro Funds for $572 million to facilitate Commerce Commission approval of the Z Energy transaction. This sale depended on approval of the Z Energy deal, with proceeds allocated toward that purchase.
Post-sale, Ampol committed to supplying Gull with fuel for five years. Allegro Funds announced ambitions to broaden Gull’s footprint across New Zealand.