EG Group, the gas station and convenience store operator backed by TDR Capital, has confidentially filed for a US initial public offering. The company is looking to raise about $1 billion through the IPO and is considering seeking a valuation of around $9 billion. This listing could take place as soon as July, though final decisions on size and timing are still under deliberation.
This move by EG Group is part of a broader strategy to refine its portfolio and strengthen its financial position. Over the past year, the company has undertaken a series of divestments, including selling its operations in France and Italy, to reduce its net debt, which stood at $5.3 billion in 2024. These disposals have been crucial in deleveraging the company's balance sheet in preparation for the IPO.
Despite its UK origins, EG Group has chosen New York for its listing, reflecting the US as its largest single market. The company owns several brands, including Cumberland Farms in the US, and employs over 33,000 people across approximately 4,300 sites in eight countries. In 2024, EG Group reported revenues of $24.2 billion and an operating profit of $856 million. Investment banks including Bank of America and Goldman Sachs are reportedly advising on the offering.
