EG Group agrees sale of Italian business

By Rob Kelly

12 Aug 2025

EG

Blackburn headquartered EG Group is selling its Italian business to a consortium of established Italian operators including PAD Multienergy, Vega Carburanti, Toil, Dilella Invest, and GIAP.

The sale is another positive step in EG Group’s ongoing strategy to focus on its core markets and strengthen its balance sheet.

The transaction, which values the business at an enterprise value of €425 million (subject to customary closing adjustments), will mark EG Group’s exit from the Italian market.

The proceeds of the sale will be used to further reduce debt.

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.

"We are grateful to our colleagues in Italy for their hard work and dedication, and we wish the business continued success in the future.”

The Consortium representatives 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.”

The transaction is subject to antitrust and other standard regulatory approvals, with completion expected by the end of 2025. BofA Securities acted as exclusive financial advisors and A&O Shearman as legal advisors to EG Group on the transaction.

The EG Group headquartered in Blackburn is a leading independent convenience retailer and was founded in 2001 by brothers Mohsin and Zuber Issa.

Lancashire Business View reported in February that the EG Group announced a 'strong trading and operating performance' in 2024, alongside 'significant growth' in both the US and European divisions in its annual results.

 The group said its underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by nine per cent to £782.7m.

 The company had also made progress in reducing its debt through 'non-core divestments' and 'working capital initiatives.'

The results came in the year when Zuber Issa stepped down as co-chief executive and bought food-service locations and the firm's remaining forecourt businesses in a £228m deal.

In April the business announced Mohsin Issa was stepping down as chief executive but would retain a substantial minority shareholding and remain on the board as a non-executive director of the business.

Russell Colaco joined EG Group as CFO in June 2024 bringing extensive US and international experience, both in the wider consumer retail sector and investment banking.

 

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