EG Group, a major gas station and convenience store operator, has confidentially filed for an initial public offering (IPO) in the United States, aiming to raise approximately $1 billion. The company, which is backed by buyout firm TDR Capital, is considering seeking a valuation of about $9 billion in the IPO. This move is part of the company's continuous efforts to improve its balance sheet through deleveraging, following disposals in France and Italy.
The listing is expected to be under the Cumberland Farms name, a US forecourt retail operator owned by EG Group, and could occur as soon as July. In 2024, EG Group reported revenue of $24.2 billion and an operating profit of $856 million, alongside a net debt of $5.3 billion. The company employs over 33,000 people and operates across multiple international markets, with its global headquarters moving to Charlotte, North Carolina, reflecting the US as its largest market.
The ownership structure of EG Group consists of TDR Capital holding a 50% stake, while founders Mohsin Issa and Zuber Issa each own 25%. Banks like Bank of America and Goldman Sachs are reportedly advising on the IPO. The confidential submission of paperwork to the US Securities and Exchange Commission (SEC) suggests a public launch could happen in the coming months, marking a significant milestone for the company that originated in the UK but chose New York for its listing.
