EG Group prepares $9B US stock market listing
Fuel retailer founded by the Issa brothers to begin selecting banks for expected New York IPO this year.
EG Group, one of the world’s largest fuel and convenience retail operators, is preparing to launch formal plans for a $9 billion US stock market flotation. The company, founded in Blackburn by brothers Mohsin and Zuber Issa, will soon begin selecting advisers in London as it moves toward an expected New York listing later this year.
Banks expected to participate in the selection process include Barclays, Bank of America, Goldman Sachs, JP Morgan and Morgan Stanley, as reported by Sky News. A final lineup is set to be determined in the coming days. The group, which may list under the Cumberland Farms name, is chaired by Lord Rose, the former chairman of Marks & Spencer and Asda.
EG Group is approximately 50% owned by TDR Capital, which also holds a controlling stake in Asda. Each Issa brother owns close to 25%. Under TDR’s ownership, the company has installed a senior leadership team led by Russell Colaco, who is based in the US, now EG’s largest market.
The company has expanded beyond fuel into foodservice and convenience retail and employs roughly 33,000 people across 4,300 sites worldwide. Its global headquarters is being relocated to Charlotte, North Carolina, reflecting its strategic shift toward the US market.
