Ritchies Transport is one of New Zealand's largest transport companies. In a statement released earlier this week, it stated that Ritchies Transport Limited and Kohlberg Kravis Roberts (KRR), a New York-based global investment firm, have signed "definitive agreements" where KRR will acquire Ritchies.
Ritchies was founded in 1935 in Temuka and now has more than 1600 vehicles, 1800 staff and 42 depots around the country.
The acquisition will see Glenn Ritchie retire, but Andrew Ritchie as the appointed Chief Executive as well as the family holding stake in the company after the acquisition.
This is a huge milestone for the business and will definitely open up a new chapter for the New Zealand business.
