Active in nine countries

EG Group considers IPO on Wall Street

British multinational EG Group, a major operator of petrol stations and convenience stores, is considering an IPO on Wall Street. Analysts estimate that the company’s value in an IPO could reach over $14 billion.

EG Group is owned by brothers Zuber and Mohsin Issa, known in the UK, and investor TDR Capital. The Issas started in 2001 with one modest pumping station in Blackburn and have since expanded the international group through series of acquisitions. “The path to an IPO has now begun and we hope to make it happen this year or next,” Zuber Issa stated in Britain’s Sunday Times.

EG Group operates in nine countries with a total of nearly 6,000 locations and over 45,000 employees. In our country, the company has 450 locations and 2,170 employees. The company turned a global turnover of $28.3 billion in 2023. Things have been unsettled around the heavily indebted EG Group for some time, partly due to family troubles. Zuber, for instance, stepped down from management last year after disagreements over his divorce. The company also handed over all its tank business in the UK to supermarket Asda, which the brothers had previously acquired, also with huge debts

Strategic choice

EG Group is likely to go public under the name Cumberland Farms, a chain of convenience stores often found at petrol stations, which was acquired by the brothers in 2019, according to the Financial Times. The choice of an IPO in New York is strategic because major competitors such as Alimentation Couche-Tard and Casey’s General Stores are also listed there. This makes it easier for investors to compare the figures of these pump giants.

This article was automatically translated from the Dutch language original to English.

Author: Belinda Meijers

Source: MobilityEnergy.com

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