Kiwi fuel company Waitomo to acquire Z Energy's Mini-Tankers and bulk fuel business

Date: 26 May 2023

Today, Waitomo Group Limited (Waitomo) has announced an unconditional agreement has been signed with Z Energy (Z) to purchase its Mini-Tankers and bulk commercial fuel delivery businesses. 

Z and Waitomo are now focused on ensuring a smooth transition of ownership and continuity of supply and first-class service for customers. Settlement is expected to take place on 1 August 2023.

Waitomo Rangatira and owner Jimmy Ormsby said the deal was a major milestone for the 100-percent Kiwi, family-owned and operated business.

“Acquiring these businesses cements Waitomo’s position as one of New Zealand’s leading independent fuel suppliers and takes us a step closer to our vision of being Kiwis’ first choice for fuel.

“For the last 75 years, from our inception in Te Kuiti in 1947 fueling the Waitomo region up to now, we’ve continued to build up our core business in fuel distribution, as well as diversifying into retail fuel supply in 2012. We’ve been ambitious in our expansion plans, and that determination has resulted in today’s announcement.

“Through this acquistion, we expect to double our current commercial volumes. Not many opportunities come up like this and, with our usual optimism and agility, we were able to make it happen. Once completed, we estimate our market share of the New Zealand ground fuels market will increase to around 7 percent.”

Z CFO Nicola Law said the sale to Waitomo represents a great opportunity for new direction, focus and investment that will benefit existing and new customers in the future.

“The Mini-Tankers and bulk fuel business have been part of the Z whānau for many years, helping us meet the needs of our customers. It’s great to know this will continue under Waitomo’s stewardship for the future.”

Waitomo CEO Simon Parham said volumes supplied under the Mini-Tankers brand will continue to be delivered through an independent franchisee model with its own Management Team reporting through to him.

“Because the Mini-Tankers brand operates in both the North and South Island, purchasing the business also creates a national footprint for Waitomo, expanding on our existing network of retail sites stretching from Paihia to Dunedin. 

“The bulk commercial fuel delivery business will continue to be serviced by the current third-party hauliers to ensure simplicity of operations and to maintain continuity of supply,” Mr Parham said.

“The team’s buzzing, but the hard mahi now begins. Waitomo’s success is built on a simple formula - great people, top performance, and fairer fuel pricing. “The same formula that will ensure we deliver a seamless transition to the new business for our new customers in August.”