Sydney, Australia, May 22, 2024 – Global investment firm Carlyle (NASDAQ: CG) and amicaa, an Australian private credit manager, today announced they will provide a NZ$140 million debt financing package for leading independent New Zealand (NZ) fuel retailer, NPD, which will be used to finance a management buyout of the 55-year-old family-owned business[1].
Founded by the Milne Family in the city of Nelson in 1969, NPD owns and manages its fuel transportation fleet and provides fuel cards to a large network of customers. The company currently has a network of 109 sites across the North and South Islands.
The bilateral loan from Carlyle and amicaa will enable current NPD Chief Executive Officer and 10% shareholder, Barry Sheridan, who has worked with the family for three decades, to lead a management buyout of 100% of NPD.
The loan was arranged by funds managed by Carlyle’s Global Credit business and its Australia and NZ joint venture partner amicaa, and will be used to refinance existing indebtedness, fund growth, and pay for transaction-related fees and expenses. The loan includes sustainability-linked incentives to support NPD in meeting Scope 3 emissions targets.
Taj Sidhu, Head of European and Asian Private Credit at Carlyle, and David Hoskins, Head of Private Debt at amicaa, jointly commented: “We are excited to work with Barry and the management team of NPD to facilitate this transaction that ensures this New Zealand business can remain independent and continue to thrive. The transaction underlines our ability to provide flexible capital solutions in complex situations for strong family-owned businesses.”
Mr Sheridan said: “We are grateful for the support of Carlyle and amicaa, which allows NPD to remain a values-led family-owned business while providing growth funding to fulfil our ambition to build additional sites across the South and North Islands.” Carlyle’s Global Credit business manages US$186 billion in assets as of March 31, 2024. It regularly pursues investments in privately negotiated debt and capital solutions, partnering with high-quality sponsors and leading family or entrepreneur-owned companies.
In August 2022, Carlyle and amicaa entered into a private credit joint venture arrangement covering opportunities in Australia and New Zealand, with a focus on corporate borrowers. The joint venture completed successful investments into RØDE microphones and retailer Zimmerman last year.
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About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $425 billion of assets under management as of March 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.
About amicaa
amicaa is a specialist investment management and corporate advisory business. Its investment management arm manages capital for institutional and wholesale investors seeking attractive income-oriented returns from Australian and New Zealand private debt investments. Its corporate advisory arm provides independent advice to companies when making important strategic decisions, such as strategic mergers, acquisitions and joint ventures or raising equity capital. Further information is available at www.amicaa.co.
[1] Carlyle and amicaa provide NZ$140 million debt financing for management buyout of independent NZ fuel retailer.
