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The companies did not disclose the deal value, although they said KKR made the investment through its Asia-Pacific infrastructure fund.
Buses offer a “highly visible opportunity to encourage the adoption of zero-emissions technology,” Andrew Jennings, a director on KKR’s infrastructure team, said, noting the growing demand for greener transport in New Zealand.
He added buses account for 75% of public transport in the island nation. Ritchies has a fleet of more than 1,600 buses with 42 depots.
The Ritchie family that founded the 86-year-old transport provider will continue to hold a stake and lead the company, the joint statement said.
Rothschild & Co was KKR’s financial adviser, while Ritchies was advised by Cameron Partners.
