Euro Garages, EFR Group merger aims to top Europe downstream sector
Independent retail fuel and convenience store operators Euro Garages and European Forecourt Retail (EFR) Group have merged to become the leader in the European petrol forecourt retail sector and form a new holding company named Intervias, according to a company release.
The two companies have a total pro forma gross annual revenue of around EUR 6 billion with combined assets of around 1,450 locations and 8,500 employees. They operate leading retail brands such as BP, ESSO, Shell, Texaco, Carrefour, Greggs, Louis Delhaize, Starbucks and Subway and serve more than 6 million customers a week.
Nonetheless, Euro Garages and EFR will continue to operate under their respective names and executives. The newly-formed Intervias, with office in London and a combined board, will then be headed by renowned business leader Tony DeNunzio CBE.
“We will play a pivotal role in the further consolidation of the petrol forecourt retail sector. We have an ambitious retail growth strategy and I am proud to play a role in this process as Group Chairman,” said DeNunzio.
Intervias will invest in its people, operations, systems, and locations while harnessing the two companies’ strengths in boosting its food-to-go and retail offering and providing excellent shopping experience.
“Funds managed by TDR Capital LLP and the two brothers Mohsin & Zuber Issa, the founders of Euro Garages, will each own 50% of Intervias. The transaction is subject to customary regulatory approvals and is expected to be completed no later than November 2016,” stated the company release.
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