EG adds 97 sites in the Netherlands

Blackburn-based forecourt operator Euro Garages has taken its number of sites in the Netherlands to 595 with the acquisition of 97 new retail outlets.

The deal involves the acquisition of all shares in NRGValue Retail BV, which owns and operates the Esso-branded sites.

The announcement comes less than a month after the group agreed a $2bn deal to purchase 762 convenience stores in the United States.

Mohsin Issa, EG group founder and co-CEO, said: “This is a great opportunity for EG to reinforce its existing position as a leading independent forecourt operator in the Netherlands.

"I believe that our expertise in investing in an effective branded non-fuel retail offer provides room for significant growth across the NRGValue portfolio. We are focussed on delivering a world-class fuel, convenience store and food-to-go offer which exceeds consumer expectations.”

Ramon Mendes de Leon, NRGValue founder and CEO, added: “Over the last two years, my team and I have led the NRGValue business to become a successful independent operator in the Netherlands.

"Having interacted with the EG Group team over the last couple months, I believe that EG Group is the perfect partner to drive the business into its future stage of growth. I would like to thank the NRGValue team on this fantastic journey.”

The purchase is subject to the approval from the Dutch competition authority (ACM). The acquisition will be financed via incremental first lien debt which has been underwritten by Bank of America Merrill Lynch, Barclays, Deutsche Bank, Morgan Stanley and UBS. Bank of America Merrill Lynch is acting as exclusive financial advisor to EG Group. Allen & Overy is acting as legal advisor to EG Group.