A dozen bidders make first-round offers for Ampol’s for Gull service stations

Ampol owns 106 Gull service station sites in New Zealand and has moved to put the assets on the market through Macquarie Capital. Picture David Clark

The sales process for Ampol’s portfolio of Gull service stations is heading into the second round, with about a dozen parties said to have lobbed first-round offers for the portfolio, thought to be worth up to $NZ600m ($562m).

Ampol owns 106 Gull service station sites in New Zealand and has moved to put the assets on the market through Macquarie Capital after making a $NZ2bn buyout proposal for NZ-listed Z Energy last year.

The sale of the Gull service stations is meant to appease the New Zealand Commerce Commission, which would not allow Ampol to own fuel retailer Z Energy as well as Gull. Ampol has been considering a float of the Gull business, but the Commerce Commission has raised concerns about an IPO option with the prospect of Ampol remaining a major shareholder.

Ampol purchased Gull New Zealand in 2017 for about $325m, about eight times its earnings before interest, tax, depreciation and amortisation.

The business generates about $NZ50m of Ebitda.

Possible buyers are oil traders like Vitol, PetroChina and Swiss multinational Trafigura, along with private equity firms like Kohlberg Kravis Roberts.