The funds will be applied to the management buyout of NPD
MinterEllisonRuddWatts has assisted Australian private credit manager amicaa and its joint venture partner, global investment firm The Carlyle Group, with a $140m financing effort.
The $140m comes in the form of secured senior debt. The loan includes sustainability-linked incentives to assist NPD in achieving Scope 3 emission targets.
The proceeds are set to help fund the management buyout of independent fuel retailer NPD. According to lead partner Steve Gallaugher, the deal “demonstrates Carlyle and amicaa’s flexible capital solution offerings and illustrates the increasing importance of private capital in New Zealand”.
The MinterEllisonRuddWatts team guided amicaa and The Carlyle Group on all aspects of the debt financing. Gallaugher was supported by partner Allison Hancock, senior associate Sophie Coggan, and solicitor Jessica Lee (banking); partner Simon Akozu (tax); and partner Neil Millar and senior associate Jasmin Matthews (corporate M&A).
NPD is helmed by CEO Barry Sheridan. It was established by the Milne Family in Nelson in 1969, and operates its own fuel transportation fleet, providing fuel cards to customers across 109 sites in the North and South Islands.
