KKR has made its first infrastructure investment in New Zealand with the acquisition of Ritchies Transport, the country鈥檚 leading transportation operator.
91传媒在线 understands that KKR will be investing around NZ$500m (鈧�295m) on behalf of its KKR Asia-Pacific Infrastructure Fund in the New Zealand business.
Upon completion of the transaction, the Ritchie family will continue to hold a stake in the company, with Andrew Ritchie appointed as CEO and current managing director Glenn Ritchie, retiring.
Founded in Temuka in 1935, Ritchies operates a fleet of more than 1,600 vehicles and has a network of 42 depots across the country. It also runs government-contracted, nationwide school bus services and offers inter-regional long-haul, charter and tour bus services.
David Luboff, partner and head of Asia-Pacific infrastructure at KKR, said the investment reinforced KKR鈥檚 strong commitment to investing in critical infrastructure assets in New Zealand and globally through its expanding portfolio.
Andrew Jennings, a director on KKR鈥檚 Infrastructure team, said: 鈥淲e see continued demand for high-quality, greener public transport solutions in New Zealand.
鈥淏uses account for 75% of total public transport trips made in the country and play a critical role in connecting people to places. They also represent a highly visible opportunity to encourage the adoption of zero-emissions technology鈥�
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