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Global investment firm KKR plans acquisition of Ritchies Transport

Global investment firm KKR plans acquisition of Ritchies Transport
Global investment firm KKR plans acquisition of Ritchies Transport

KKR, a global investment company, has reportedly planned to acquire Ritchies Transport Limited, a New Zealand-based transportation operator with a long history of 86 years. This investment marks the first infrastructural investment for KKR in New Zealand and will be used to further the company’s goal of increasing connections in local communities, bolster the widening public transport network of the country and encourage greener transportation solutions.

Ritchies, founded in 1935 in Temuka, is one of the biggest transport suppliers in New Zealand, with a 1,600-vehicle fleet and around 42 strategically located depots across the nation. The company offers the local councils, government, and private consumers dependable and reachable public transport solutions in some of the largest cities in New Zealand.

Once the transaction is complete, the Ritchie family will still hold a stake in the company. Andrew Ritchie will be chosen as the Chief Executive Officer of Ritchies Transport, with the retirement of Glenn Ritchie from the company.

The Managing Director of Ritchies Transport, Glenn Ritchie, reportedly commented that the deal is a real achievement for the company’s business. He expressed his confidence that even after 86 years, the company will still demonstrate the family values that have been a major part of its culture and identity.

Andrew Ritchie, Director of Operations at Ritchies, supposedly stated that collaborating with KKR is the start of a new journey for the company. He also said that the company is thankful for its loyal consumers and staff all over the country. With this acquisition, Ritchies will be able to leverage the expertise of KKR to move forward over the next 86 years. Ritchie also showed his appreciation for KKR’s impressive track record of adding business value.

David Luboff, The Head of Asia Pacific Infrastructure and Partner at KKR, commented that Ritchies Transport has been the favored transportation provider for regional and local community across New Zealand for over 80 years, and added that the company is delighted to invest in a leading business like Ritchies.

Source credits:

https://www.businesswire.com/news/home/20210826005801/en/KKR-to-Acquire-Ritchies-Transport

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Sunil Jha

Sunil Jha has been a part of the content industry for close to two years. Having previously worked as a voice over artist and sportswriter, he now focuses on writing articles for newsorigins.com, across a slew of topics, ranging from technology to trade and finance. With a business-oriented educational background, Sunil brings forth the expertise of deep-dive research and a strategic approach in his write ups.