EG America sells 26 Minit Marts stores
The deal comes after the news that the British group has sold over 400 East Coast locations as part of its plans to reduce its debt.
EG Group has announced the sale of 26 Minit Mart locations for $48 million as part of its full-year earnings results. The company described these assets as “non-core sites” located in the central United States.
This recent sale is part of the British group’s plans to reduce its debt alongside the sale of 415 East Coast stores announced last week. The Minit transaction was confirmed to have “no impact on EBITDA” as stated in a report by NACS.
Back in 2018, EG acquired a total of 225 Minit Mart locations from TravelCenters of America for $305 million. Now, the retailer has decided to sell almost 12% of these assets to reduce the Group’s debt as Zuber Issa, Co-Founder and Co-CEO of the EG Group confirmed the past week.
“Today’s announcement demonstrates the progress we continue to make to put in place a robust capital structure for the medium term that will underpin our long-term strategy and represents an important first step in this process,” stated Issa.
According to NACS, EG Group operated a network of 6,612 sites on an international level at the end of 2022, with two-thirds of them owned and operated by the firm.
