Sydney, Australia, May 22, 2024 – Global investment firm Carlyle (NASDAQ: CG) and Australian private credit manager amicaa have announced a NZ$140 million debt financing package for New Zealand fuel retailer NPD. The funding will support a management buyout of the family-owned business.
Founded by the Milne Family in Nelson in 1969, NPD operates its own fuel transportation fleet and provides fuel cards to a broad customer base. The company has a network of 109 sites across New Zealand's North and South Islands.
The bilateral loan from Carlyle and amicaa will enable Barry Sheridan, current CEO and 10% shareholder of NPD, to lead a management buyout of the entire company. Sheridan has been with the family business for three decades.
Arranged by funds managed by Carlyle’s Global Credit business and its joint venture partner amicaa, the loan will refinance existing debts, fund growth initiatives, and cover transaction-related fees. It also includes sustainability-linked incentives to help NPD meet Scope 3 emissions targets.
Taj Sidhu, Head of European and Asian Private Credit at Carlyle, and David Hoskins, Head of Private Debt at amicaa, 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.”
Barry Sheridan stated: “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 fulfill 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 focuses on investments in privately negotiated debt and capital solutions alongside high-quality sponsors and leading family or entrepreneur-owned companies.
In August 2022, Carlyle and amicaa formed a private credit joint venture targeting opportunities in Australia and New Zealand. This partnership has previously invested successfully in RØDE microphones and retailer Zimmerman.