Highlights:
- EG Group files confidentially for US stock market listing
- IPO could raise around $1 billion in New York
- Company may be valued at over £7.1 billion
- Owned by Issa brothers and TDR Capital
- Proceeds aimed at strengthening balance sheet and reducing debt
PETROL station and convenience retailer EG Group, owned by the Issa brothers and private equity firm TDR Capital, has confidentially filed for a US stock market listing that could raise about $1 billion and value the company at over £7.1bn, the Financial Times reported.
The Bolton-based company has submitted confidential paperwork to the US Securities and Exchange Commission ahead of a potential initial public offering (IPO) in New York.
Filing confidentially allows companies to begin the listing process without immediately disclosing detailed financial information to the public. EG Group was founded by brothers Mohsin Issa and Zuber Issa in 2001, starting with a single petrol station in Blackburn. Over the past two decades, it has expanded into an international convenience retail business with operations across the US and Europe, including the Cumberland Farms chain in the US.
According to the Financial Times, TDR Capital owns 50 per cent of the company, while Mohsin Issa and Zuber Issa each hold a 25 per cent stake.
TDR Capital partnered with the Issa brothers to acquire Asda in 2021. As part of a restructuring of EG Group’s UK business, Asda acquired the company’s UK and Ireland forecourt operations in 2023 in a deal valued at about £2.27bn.
Zuber Issa later sold his stake in Asda and acquired several UK convenience stores from EG Group to establish EG On The Move. He also stepped down as EG Group’s co-chief executive but remains on the company’s board.
According to the report, the proposed IPO is part of EG Group’s broader efforts to strengthen its balance sheet and reduce debt. The company has also sold its operations in France and Italy in recent years as it focuses on its core markets and streamlines its business.
EG Group reported revenue of about £19bn and operating profit of about £670m in 2024. It had net debt of roughly £4.2bn and employs more than 33,000 people across thousands of fuel stations and convenience stores worldwide.
The report said a New York listing instead of London reflects the growing importance of the US market to EG Group.
The company, founded in the UK, now generates a significant share of its business from the US through its network of fuel stations and convenience stores. No final decision has been made on the timing or size of the IPO. EG Group and TDR Capital have not commented on the reported plans.
