(Bloomberg) -- Carlyle Group Inc. and amicaa, an Australian private credit manager, are providing a NZ$140 million ($86 million) loan to finance a management buyout of New Zealand fuel retailer NPD by the company’s chief executive officer. 

The loan will be used to refinance existing debt and enable CEO Barry Sheridan to takeover the company, according a joint announcement on Wednesday. The deal is structured as a five-year unitranche, according to a person familiar with the transaction who asked not to be named as the information is confidential. 

Founded in 1969, NPD owns and manages a fuel transportation fleet across 109 sites and provides fuel cards to customers. 

Carlyle and amicaa formed a private credit venture in August 2022 to provide financing to Australian and New Zealand companies. They were involved in the $230 million debt financing for Advent International’s acquisition of Australian fashion label Zimmermann, and provided $150 million in private credit to RODE to fund a takeover. 

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