Fresh from buying Spark Infrastructure (with Ontario Teachers’ Pension Plan), the global investment firm has snatched up a significant stake in the leading transportation business in New Zealand, buying into 86-year-old company Ritchies Transport. The companies have signed a definitive agreement. It is KKR’s first infrastructure investment in New Zealand.
Ritchie’s has a fleet of 1,600 vehicles and a network of 42 strategically located depots across New Zealand. It services the government, local councils, and private customers. The Ritchie family will continue to hold a stake in the business and Andrew Ritchie has been appointed CEO, while Glenn Ritchie retires.
Buses account for 75% of public transport trips made in New Zealand. KKR partner David Luboff, who heads up its Asia Pacific infrastructure investments, said he was excited about the investment and the chance to work alongside the 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,” he said.
