Jul 15, 2026 – 2.24pmSydney buyout firm Allegro Funds is refilling the tank in private credit markets, as its Kiwi fuel retailer Gull tows South Island-focused rival NPD into a $NZ1 billion ($830 million) deal.Street Talk can reveal Allegro’s deal makers have refinanced the combined NPD-Gull business’ debt stack with New York-listed private debt giant Ares Management, which has tipped in more than $400 million.Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.Angira Bharadwaj is a co-editor of Street Talk. She covers IPOs, capital raises, mergers and acquisitions and other breaking news in Australia’s capital markets. Previously, she covered financial services, state, and federal politics. Send tips to @angirab.60 on encrypted messaging platform Signal.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?