EG Group buys Minit Mart for £240m
Earlier this year, the Group purchased 762 convenience stores from The Kroger Co in a deal worth around £1.7bn.
And now it has acquired the Minit Mart sites from TravelCenters of America for $305m, or around £240m.The Ohio-based business registered $43m four-wall EBITDA last year with a revenue of $720m. It operates across nine Midwest US states and employs a 2,500-strong workforce.
Mohsin Issa, founder and co-CEO, EG Group, said: “We have a firm commitment to growing our presence in the USA, the world’s largest convenience market, and are extremely pleased to have signed definitive transaction documents to acquire the Minit Mart network from TravelCenters. The Minit Mart portfolio will be a strong addition to our business."Zuber Issa, founder and co-CEO, EG Group, added: “For the past 17 years, we have had a vision of becoming a leading gas station/convenience store operator around the world. This is another exciting international milestone on our growth journey.
"The Minit Mart acquisition will underpin a more sustainable network, allow us to explore further real estate development prospects and more importantly provide further growth opportunities in the USA for all our colleagues."The transaction is subject to regulatory approval and customary closing conditions. Legal advisors to EG Group are Eversheds Sutherland LLP (M&A) and Kirkland & Ellis LLP (Banking & Finance). Barclays Bank plc have acted as M&A advisers to EG Group and have also underwritten the debt financing for the deal.