KKR to acquire Kiwi transportation operator Ritchies Transport
Global investment firm KKR has agreed to acquire Ritchies Transport Limited, a New Zealand-based transportation operator, for an undisclosed price.
The acquisition is KKR’s first infrastructure investment in New Zealand.
KKR’s investment will be used for furthering the mission of Ritchies Transport to better connect local communities to support its expanding public transport network and encourage greener transportation solutions.
Established in Temuka in 1935, Ritchies Transport has a fleet of over 1,600 vehicles and a network of 42 depots that are located strategically across New Zealand.
The company caters to the government, private customers, and local councils with public transport solutions in some of the largest cities in New Zealand.
Glenn Ritchie — Managing Director of Ritchies Transport said: “This deal is a real milestone for our business. After 86 years, we are confident that the Company will continue to demonstrate the family values that have been a strong part of our identity and culture, as we’ve built Ritchies into one of New Zealand’s largest and most successful transport operators.”
Following the closing of the deal, the Ritchie family will continue to own a stake in Ritchies Transport. Andrew Ritchie will be appointed as CEO of the transportation company while Glenn Ritchie retires.
KKR is acquiring the Kiwi transportation operator through the KKR Asia Pacific Infrastructure Fund.
David Luboff — Partner and Head of Asia Pacific Infrastructure at KKR said: “For over 80 years, Ritchies Transport has been the trusted provider of local and regional transport in communities across New Zealand, and we are excited to invest in a successful, leading business like Ritchies and work alongside its talented management team.
“Our investment also reiterates KKR’s strong commitment to investing in critical infrastructure assets in New Zealand and globally through our expanding portfolio.”