Latest news with #EGGroup
Reuters
7 hours ago
- Business
- Reuters
Italian consortium buys Esso fuel distribution network
ROME, Aug 12 (Reuters) - A group of Italian companies has agreed to buy a network of 1,200 mainly Esso-branded fuel stations in Italy from Britain's EG Group, the two sides said on Tuesday. The Italian consortium, which is acquiring about 6% of the national fuel distribution network through the deal, includes PAD Multienergy, Vega Carburanti, Toil, Dilella Invest, and GIAP. The transaction, which gives EG Italia an enterprise value of 425 million euros ($494 million), marks EG Group's exit from Italy, the British company said in a statement. EG Group said the deal was in line with its strategy to focus on its core markets, and proceeds would be used to further reduce its debt. "The acquisition of EG Italia brings control of a strategic asset - namely the network of 1,200 fuel distribution and roadside service sites (convenience stores, food services) - back into the hands of national private operators," said a separate statement on the website of PAD Multienergy. The deal will be submitted to Italy's competition authority for approval. Italy's Mediobanca ( opens new tab was among the consortium's advisers on the deal. BofA Securities provided financial advice to EG Group and A&O Shearman legal advice ($1 = 0.8611 euros)
Yahoo
2 days ago
- Business
- Yahoo
Zuber Issa demands petrol station empire sell off $5bn US arm
One of the billionaire brothers behind EG Group has urged the petrol station behemoth to sell off its $5bn (£3.7bn) US business in an apparent split with the company's private equity backer. Zuber Issa, who owns a 25pc stake in EG, said the company should hive off its American forecourts to a single buyer rather than pursuing a listing of the entire group as planned. Mr Issa, along with his brother Mohsin, who also owns 25pc, built EG Group from a single station in Bury, Manchester into a major empire spanning hundreds of petrol stations. EG is now 50pc owned by private equity group TDR Capital, which has been laying plans for a float of the business in New York. However, in an apparent rebuke to TDR's plans, Mr Issa has called for the separate sale of the US business rather than an outright float of the whole company. 'There are people who want to buy the US assets. It will be an auction process which would get to a clear end goal much quicker [than an IPO] and we can pay the debt off,' he told the Financial Times. 'The shareholders are still thinking about the options. Other options would be trying to sell the US in its entirety. And I think that should be an option we should do'. New ventures Mr Issa stepped down as co-chief executive of EG last year and is now a non-executive board member, focusing on his new venture EG On the Move after buying EG's last forecourts in the UK. EG Group was earlier this year exploring plans to sell off some European assets in countries like France and Germany to offload debt ahead of a stock market listing. The Blackburn-born brothers founded Euro Garages, or EG, in 2001, after acquiring a single petrol station and proceeding to buy up forecourt sites from oil giants like Esso. In 2016, they partnered with TDR Capital and merged Euro Garages with its European Forecourt Retail Group, turning it into EG Group. The rapid expansion was fuelled by borrowing, with the return of higher interest rates forcing the group to sell off parts to bring down debt. In an ill-fated venture, the Issa brothers bought supermarket chain Asda in an £6.8bn acquisition with TDR in 2021. Zuber has since sold his 22.5pc Asda stake to TDR, giving them majority control. EG Group employs nearly 40,000 people across more than 5,500 sites, serving close to 1bn customers a year. Among its operations in nine countries, the US generates the most revenue. EG Group and TDR Capital declined to comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
2 days ago
- Business
- Telegraph
Zuber Issa demands petrol station empire sells off $5bn US arm
One of the billionaire brothers behind EG Group has urged the petrol station behemoth to sell off its $5bn (£3.7bn) US business in an apparent split with the company's private equity backer. Zuber Issa, who owns a 25pc stake in EG, said the company should hive off its American forecourts to a single buyer rather than pursuing a listing of the entire group as planned. Mr Issa, along with his brother Mohsin, who also owns 25pc, built EG Group from a single station in Bury, Manchester into a major empire spanning hundreds of petrol stations. EG is now 50pc owned by private equity group TDR Capital, which has been laying plans for a float of the business in New York. However, in an apparent rebuke to TDR's plans, Mr Issa has called for the separate sale of the US business rather than an outright float of the whole company. 'There are people who want to buy the US assets. It will be an auction process which would get to a clear end goal much quicker [than an IPO] and we can pay the debt off,' he told the Financial Times. 'The shareholders are still thinking about the options. Other options would be trying to sell the US in its entirety. And I think that should be an option we should do'. New ventures Mr Issa stepped down as co-chief executive of EG last year and is now a non-executive board member, focusing on his new venture EG On the Move after buying EG's last forecourts in the UK. EG Group was earlier this year exploring plans to sell off some European assets in countries like France and Germany to offload debt ahead of a stock market listing. The Blackburn-born brothers founded Euro Garages, or EG, in 2001, after acquiring a single petrol station and proceeding to buy up forecourt sites from oil giants like Esso. In 2016, they partnered with TDR Capital and merged Euro Garages with its European Forecourt Retail Group, turning it into EG Group. The rapid expansion was fuelled by borrowing, with the return of higher interest rates forcing the group to sell off parts to bring down debt. In an ill-fated venture, the Issa brothers bought supermarket chain Asda in an £6.8bn acquisition with TDR in 2021. Zuber has since sold his 22.5pc Asda stake to TDR, giving them majority control. EG Group employs nearly 40,000 people across more than 5,500 sites, serving close to 1bn customers a year. Among its operations in nine countries, the US generates the most revenue.
Bloomberg
2 days ago
- Business
- Bloomberg
Zuber Issa Urges EG Group to Consider Sale of US Unit, FT Says
EG Group co-founder Zuber Issa is urging the company to explore a sale of its US businesses to cut debt, he told the Financial Times in an interview. The gas station operator, founded by the Issa family in Blackburn, England, and jointly owned with private equity firm TDR Capital, has been studying a potential sale of assets in Europe to trim debt ahead of a planned initial public offering.
AU Financial Review
06-07-2025
- Business
- AU Financial Review
Petrol pass-the-parcel: Woolworths curse too much for EG
Australia's big two supermarkets, which not long ago accounted for half of all retail petrol sales across the country, are gone from the sector, and now one of their replacements wants to get out, too. British-born EG Group, which paid $1.73 billion for Woolworths' 540 company-owned fuel convenience sites in April 2019, has revamped efforts to sell its Australian arm and is in talks to cut its losses and get out, only six years after landing with a splash and promising to shake up the local market.
