Mr Ralm intends to take a hands-on role, at least to start with.
"I will be here every day for the first three months ... Coming into summer, everyone will be expecting big things from us," he said.
"I'm busy with Mobil as well, but will put just as much effort into this place even though it's a smaller investment. It's the potential I can see."
He said he would focus on building the brand, with the goal of opening the next Heaven and Hell in 18 months time.
While he's serious about the venture, he admitted the idea of owning a nightclub was also just kind of cool.
"I wanted a place to take my family and friends," he said. "It's one of the things on the wish list, to own a nightclub."
Mr Gallagher, who has managed bars in Hamilton and the Gold Coast for the last 12 years, said Top 40 and commercial music would replace the club's traditional R&B; and hip hop playlist. That's part of a plan to attract more tourists, he said, although there would still be shows by urban artists. He also hopes to attract big international acts to the venue - Australia's Ministry of Sound is already being lined up.
Mr Gallagher said Heaven and Hell was unlike any other nightclub in New Zealand, with its light and sound shows and one of the country's longest bars.
"It's like something you would see in [Las] Vegas," he said.
Meanwhile Mr Gillies, who has managed the club since it opened in January last year, said he was excited by the club's new direction.
"The bar itself people still love, [they love] the look, a few more tweaks and changes and it's going to be good."
The Heaven and Hell relaunch party is on Friday, featuring Dane Rumble and Jupiter Project. Doors open 9pm, entry is free and the first 200 people through the doors will receive a promo CD.