A large Bay of Plenty iwi has invested in Gull and is now one of its newest shareholders. Photo / Supplied
A large Bay of Plenty iwi has invested in Gull and is now one of its newest shareholders. Photo / Supplied
A large Bay of Plenty iwi has broadened its portfolio and invested into New Zealand’s largest fuel retailer and terminal operator.
Ngāi Te Rangi has joined another undisclosed Māori entity which has formed the company 28 Galileo for an investment into Gull.
Gull has 117 sites nationwide, including one onthe iwi’s doorstep.
Gull NZ’s general manager Dave Bodger said they would bring valuable additional input and perspectives.
“We are delighted to have two key Māori entities as part of our expanding energy business across Aotearoa. Ngāi Te Rangi are one of Gull’s neighbours in Tauranga and will be the lead investor. Both Māori entities have strong alignment with Gull’s business through their respective connection to Tauranga, which is where Gull’s terminal site is based and is nearby the second Māori entity’s investments, which is across a range of energy assets.”
“As a proud bunch of Kiwis who operate Gull, naturally, we are very excited to further cement our commitment to Aotearoa with significant local ownership.”
Ngāi Te Rangi chief executive Paora Stanley. Photo / Mead Norton
28 Galileo would join existing majority shareholder Allegro Funds as owners of the overall business.
Founded in 2004 with A$4 billion of assets under management, Allegro Funds had acquired 26 businesses and exited 17 across Australia and New Zealand since 2008.
Ngāi Te Rangi chief executive Paora Stanley said it was an opportunity to diversify its investment portfolio, and all parties involved had interests in a variety of businesses nationally and internationally.
“This investment represents an opportunity for our iwi to diversify our investment portfolio a little more. There are things that Allegro does that we recognise are very similar to what we do - except they have a lot more zeros on the end of those - but we fundamentally recognise it. The thing we all have in common is that our various tikanga are the same. Maybe different language names, but it is the same. Nevertheless, it’s wonderful to be working with people of ilk and mana.”
Gull NZ chairman and Allegro Funds managing director Fay Bou said the Māori investment represented an important milestone for Gull and for Allegro.
“We see strong strategic alignment of values and interests between Allegro, Gull and our Māori partners. Allegro prides itself on a partnership approach, and since taking ownership of the business in July this year, it has been a priority to partner with the traditional owners and custodians of the land on which Gull’s operations are located.’'
‘‘We look forward to working with Ngāi Te Rangi and their leaders to explore opportunities to deepen the partnership, support the local environment and community, and together grow the business.”
Ngāi Te Rangi deputy chief executive Roimata Ah Sam said the deal served as confirmation it could build strong investment relationships.
She said the value of the deal remained confidential and is commercially sensitive.
About 28 Galileo
Projects are often named by accountants, as was Project Galileo – the code name for this partnership transaction between Gull, Allegro and Ngāi Te Rangi. When we saw this as the project code name, we understood three things. Galileo did a range of his calculations in and around a castle called Castello Verrazzano, close to where he was born near Chianti, Italy. That very same castle housed the 28th Maori Battalion on R&R during the World War II – their names were entered into a log there. Hence the name of the company formed to house the Māori investment in Gull was decidedly 28 Galileo. - Ngāi Te Rangi
