EG Group

EG Group
Private
Founded2001
FounderZuber Issa
Mohsin Issa
Headquarters,
Area served
United Kingdom, Germany, France, Belgium, Netherlands, Luxembourg, Italy, United States of America, Australia
Key people
Zuber Issa (co CEO)
Mohsin Issa (co CEO)
Michael Hughes (CFO)
Imraan Patel (Group General Counsel)
OwnerBlackstone Group & Issa brothers,
Number of employees
30,000 (2018)
ParentEG Group Limited
DivisionsEG Shared Services, EG Fuel, EG Business, EG Retail
Websiteeurogarages.com

EG Group is a British retailer based in Blackburn which operates petrol stations and fast food outlets in Europe, the United States and Australia. The group was created through the combination of Euro Garages and EFR Group in November 2016. At the end of 2018, the business reported it operates 5,200 sites, and has revenues exceeding €12 billion.[1]

Overview[edit]

EG Group sells Esso, BP, Shell and Texaco branded fuel, and operates third party retail brands in its back court operations, such as KFC, Spar, Carrefour, Louis Delhaize, Starbucks, Greggs, Burger King and Subway.

History[edit]

Euro Garages was co founded by brothers Mohsin Issa and Zuber Issa of Indian Gujarati descent in 2001, who expanded the business from a single site in Bury, Greater Manchester.[2] In October 2015, the private equity firm TDR Capital acquired a stake in the company.[3] In October 2016, Euro Garages acquired the Dutch headquartered EFR Group from TDR Capital to form Intervias Group, later renamed EG Group.

EFR was founded in 2007, and was the European energy retail and marketing arm of Delek Group, before being acquired by TDR Capital in August 2014. As a consequence of these transactions, TDR Capital now own 50% of the enlarged group, with Zuber Issa owning 25% and Mohsin Issa the remaining 25%.

The combination of EG and EFR sought to create a scaled and diversified pan European platform that shares best practices and economizes on common shared services, led by EG’s highly respected group executive team. The business is headquartered in Blackburn, United Kingdom, and has commenced construction of a new global headquarters building, also in Blackburn.[4][5] It remains one of the largest privately owned businesses in the United Kingdom.[6]

Major acquisitions[edit]

Former Loaf 'N Jug now a Kroger's Smith's Express in Gillette, Wyoming[7]

In November 2017, the business secured approximately 1,000 forecourt assets from Esso in Germany, which were transferred and integrated into the existing EG network in October 2018.[8] On 5 February 2018, EG Group announced that it will purchase nearly eight hundred Kroger convenience stores for $2.15 billion.[9] Later that month, EG Group announced that it had completed the acquisition of circa 1,200 sites in Italy from Esso.[10]

In April 2018, EG Group completed the acquisition of a portfolio of 97 sites in the Netherlands to supplement is existing network in the country.[11]

On 9 November, 2018, Australian retailer Woolworths announced to the Australian Securities Exchange it had entered into a binding agreement to sell its 540 fuel convenience sites to EG Group for AUD $1.72b,[12] and in December 2018, EG completed its acquisition of 225 sites of Minit Mart from Travel Centers of America LLC for upwards of US$330m.[13]

In July 2019, EG completed its acquisition of fifty four Fastrac branded sites in the United States,[14] and announced a deal to acquire sixty nine sites operated by Certified Oil, also in the United States.[15] On July 31, 2019, EG Group announced having entered a binding agreement to purchase Cumberland Farms. [16][17][18] Upon completion of the sale, this would end eight decades of family ownership of the chain.

Group executive team[edit]

Zuber Issa and Mohsin Issa are co Group CEOs.[4]

Michael Hughes is the Group CFO.[19]

Imraan Patel is the Group General Counsel and Company Secretary.[20]

Ilyas Munshi is the Commercial Director.[21]

Individuals within the group executive team have received many accolades, including EY Entrepreneurs of the Year 2018 for Mohsin Issa and Zuber Issa[22]. The Issa brothers have been named in numerous rich lists.[23]

Imraan Patel is listed in the "Hot 100 2019" list by The Lawyer publication which celebrates the best and most innovative and creative lawyers [24] and was highly commended in the category of General Counsel of the Year at The British Legal Awards 2017.

Michael Hughes won the Finance Director of the Year award in 2018.[25]

References[edit]

  1. ^ "EG Group Annual Report and Financial Statements 2018" (PDF).
  2. ^ McCall, Alastair; Watts, Robert (7 May 2017). "High-octane rise of brothers' firm shows family value". The Sunday Times. p. 3.
  3. ^ Begum, Shelina (20 October 2015). "TDR Capital takes a bite into Euro Garages for £1.3bn". Manchester Evening News. Retrieved 7 May 2017.
  4. ^ a b Bounds, Andrew (20 January 2015). "Convenience shopping boosts Euro Garages". Financial Times. Retrieved 7 May 2017.
  5. ^ "Euro Garages wins approval for new HQ - Forecourt Trader". forecourttrader.co.uk. Retrieved 2018-04-11.
  6. ^ "Euro Garages ranks as UK's sixth biggest private company - Lancashire Business View". Lancashire Business View. 2017-06-30. Retrieved 2018-05-11.
  7. ^ Truchot, Jeff (2018-03-29). "Loaf 'N Jug stores changing hands". Wyoming Business Report. Retrieved 2018-11-02.
  8. ^ "ExxonMobil and EG Group Enter into New Partnership for German Esso Stations". EG Group. 2017-11-29. Retrieved 2018-04-11.
  9. ^ CNBC (2018-02-05). "Kroger to sell its convenience stores to UK's EG Group for $2.15 billion". CNBC. Retrieved 2018-02-07.
  10. ^ "EG Group completes on 1,200 Esso sites in Italy - Forecourt Trader". forecourttrader.co.uk. Retrieved 2018-04-11.
  11. ^ "Nieuws | NRGValue". NRGValue (in Dutch). Retrieved 2018-05-11.
  12. ^ Hatch, Patrick (9 November 2018). "Woolworths offloads servos to British group EG for $1.7 billion". Fairfax Media. The Sydney Morning Herald. Retrieved 9 November 2018.
  13. ^ Dec. 07, Greg Lindenberg on; 2018. "TravelCenters of America Completes Minit Mart Sale". CSP Daily News. Retrieved 2019-02-04.
  14. ^ Jul. 02, Greg Lindenberg on; 2019. "EG Group Completes Fastrac Acquisition". CSP Daily News. Retrieved 2019-07-19.
  15. ^ May 13, Greg Lindenberg on; 2019. "EG Group to Acquire Certified Oil Business". CSP Daily News. Retrieved 2019-07-19.
  16. ^ http://www.eurogarages.com/eg-group-to-acquire-cumberland-farms-in-the-usa/
  17. ^ https://www.cspdailynews.com/mergers-acquisitions/eg-group-acquire-cumberland-farms
  18. ^ https://cstoredecisions.com/2019/07/31/uks-eg-group-buys-cumberland-farms-c-store-chain/
  19. ^ "EG recruits two senior executives - Forecourt Trader". forecourttrader.co.uk. Retrieved 2018-04-11.
  20. ^ "Euro Garages appoints Group General Counsel | Euro Garages News". www.eurogarages.net. Retrieved 2018-04-11.
  21. ^ "Blackburn company joins forces with one of Europe's biggest petrol station groups". Lancashire Telegraph. Retrieved 2018-05-11.
  22. ^ "EG Group CEOs triumph at EY Entrepreneur of the Year Awards". Convenience Store News. Retrieved 2019-02-04.
  23. ^ "Euro Garages brothers' £1.3bn fortune puts them in UK Asian rich list top 10". Lancashire Telegraph. Retrieved 2018-05-11.
  24. ^ "The Lawyer Hot 100 2019". The Lawyer. Retrieved 2019-02-04.
  25. ^ Greer, Stuart (2018-10-11). "Winners of the Finance Awards North West revealed". men. Retrieved 2019-02-04.