USA: EG Group acquires Minit Mart portfolio for $305 million
British fuel and convenience retailing group will own and operate close to 1,000 sites after the acquisition.
EG Group continues with its expansion across the United States of America with the acquisition of a portfolio comprising 225 Minit Mart-branded convenience stores and gas stations and some other related assets from TravelCenters of America LLC.
The purchase price for the acquisition, before working capital adjustments, is $305m with the Minit Mart business having recorded an audited FY2017 four-wall EBITDA of $43m.
Minit Mart operates across nine Midwest US states that are highly complementary to EG Group’s existing US operation. The acquired business employs almost 2,500 employees and generated FY2017 revenue of $720m.
Earlier this year EG Group acquired a 762-site convenience store business in the United States from Kroger Co.
“We have a firm commitment to growing our presence in the USA, the world’s largest convenience market and are extremely pleased to have signed definitive transaction documents to acquire the MinitMart network from TravelCenters,” Mohsin Issa, Founder and co-CEO, EG Group.
EG Group established their North American headquarters in Cincinnati, Ohio. With the inclusion of the Minit Mart portfolio, EG Group will own and operate circa 1,000 sites in the US.
