Latest news with #PADMultienergy
Yahoo
2 days ago
- Business
- Yahoo
Billionaire Issa brothers' EG Group agree £367m sale of its Italian business as they repay debts
The Blackburn-based EG Group founded in 2001 by the town's billionaire Issa brothers has agreed the sale of its Italian business as it continues to repay its debts. The deal is valued at £367million and is expected to be completed subject to regulatory approval by the end of the year. The group – a leading international operator of convenience retail, foodservice and fuel stations, headquartered at Waterside in Haslingden Road, Guide – is making a full exit from the Italian market as part of its continuing strategy to focus on its core markets and strengthen its balance sheet. It is selling the Italian business to a consortium of established Italian operators comprising PAD Multienergy S.p.A., Vega Carburanti S.p.A., Toil S.p.A., Dilella Invest S.p.A., and GIAP s.r.l. Russ Colaco, chief executive of EG Group, said: 'We remain relentlessly focused on driving forward EG Group's growth strategy. This important transaction is fully aligned with this strategy, as we continue to focus on our core markets with the greatest growth potential and deliver on our deleveraging programme. READ MORE: Leaving AC off cools car down in 30 seconds, even on hottest day READ MORE: Lancs couple only work two days a week and 'anyone could do it' 'We are grateful to our colleagues in Italy for their hard work and dedication, and we wish the business continued success in the future.' A consortium representative said: 'The acquisition of EG Italia allows us to generate new and key synergies for the development of the fuel stations network with the expansion of the services offered also with a view to the energy transition. 'The EG network together with the networks of the consortium members, all leaders in their reference territories, will enhance the know-how and skills of the EG Italia organization, heir to the culture of Esso Italiana since 2018.' EG Group currently has operations in nine countries, with its single biggest market by revenue being the USA, followed by Europe, including Italy, Germany, France, Netherlands, Luxembourg, Belgium and the United Kingdom, as well as Australia. It currently employs about 38,000 working in more than 5,500 sites to deliver an international grocery, merchandise, foodservice and fuel retail proposition to nearly one billion customers each year. EG Group partners with global brands, and also has its own proprietary brands, including Cumberland Farms, Fastrac, Kwik Shop, Quik Stop, Sprint, Tom Thumb, and Turkey Hill in the USA, and Go Fresh in Europe. Subscribe to our daily newsletter LANCS LIVE NEWS and get all the biggest stories from across Lancashire direct to your inbox
Reuters
3 days 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)
