EG Group’s US expansion on the Fastrac
Ambitious Blackburn-based EG Group is continuing its US expansion with a deal to add another 54 convenience stores and petrol stations to its growing global operation.
EG has agreed to acquire the operations from Fastrac, which operates in New York State, along with its wholesale fuel businesses, for an undisclosed sum.
It means that the petrol forecourt operator will now have more than 1,000 outlets in the US, across 24 states.
In April last year EG Group acquired a 762 site convenience store business from The Kroger Co in a deal worth around £1.7bn.
And it followed that in December with a £240m deal with Travel Centers of America which grew its portfolio to 988 stores.
Jay Erickson, president of EG America, said of the latest deal: “These stores are highly complementary to EG Group’s existing US operation and we are very fortunate to have Fastrac join our EG America family.”
Mohsin Issa, founder and co-chief executive of EG Group added: “We have a firm commitment to growing our presence in the US, the world’s largest convenience market and are extremely pleased to have signed definitive transaction documents to acquire the Fastrac portfolio as another strong addition to our business.”
Last year also saw EG Group announce its intention to acquire a network of 540 sites in Australia for around £970m.
The company announced earlier this month that it has successful completed the purchase of Woolworth’s Petrol business.
Following completion of the transaction, Mohsin said: ‘We are pleased to have turned the page on this exciting new chapter for the EG Group. Australia is a key market in the Asia Pacific region and this acquisition allows the EG Group to establish a solid base for further growth in the region.”
The business was founded by brothers Mohsin and Zuber Issa and has grown from its roots in the North West of England to become a global player in the sector.