Forecourts giant EG Group, founded by brothers Mohsin and Zuber Issa and backed by TDR Capital, is preparing for a roughly $9 billion US stock market listing this year. The company aims to raise about $1 billion through the IPO.
The petrol forecourts operator will begin selecting advisers next week, with major banks such as Barclays, Bank of America, Goldman Sachs, JP Morgan, and Morgan Stanley expected to participate. The listing might occur under the Cumberland Farms name, reflecting its strong US market presence.
EG Group has been strategically divesting assets, including the majority of its UK sites to Asda, its Italian operations, and nearly finalizing the sale of its Australian unit. Most recently, it sold approximately 260 French forecourt sites to EG On The Move, a business co-founded by Zuber Issa. These moves are intended to reduce borrowings and optimize its portfolio ahead of the IPO.
The US is now EG Group's largest single market, leading to its global headquarters relocation to Charlotte, North Carolina, and its CEO, Russell Colaco, being based in the US. The company employs about 33,000 people and operates roughly 4,300 sites globally, serving 1 billion customers annually with revenues of over $24 billion.
