Highlights
- EG Group was founded by Blackburn brothers Mohsin and Zuber Issa in 2001
- The firm has confidentially filed for a US IPO that could raise about £790 million
- The company could be valued at more than £7.1 billion
- TDR Capital owns 50 per cent, while the Issa brothers each hold 25 per cent
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 around $1 billion (£790 million) and value the company at more than £7.1 billion, according to the Financial Times.
The Bolton-based company, founded by brothers Mohsin Issa and Zuber IssaZuber Issa in 2001, has submitted paperwork to the US Securities and Exchange Commission ahead of a possible initial public offering (IPO) in New York.
EG Group began with a single petrol station in Blackburn before expanding into an international convenience retail business. It now operates across markets including the US and Europe, with brands such as Cumberland Farms in America.
The company is 50 per cent owned by London-based private equity firm TDR Capital, while Mohsin and Zuber Issa each own 25 per cent, according to the FT report.
TDR Capital became linked with the Issa brothers after partnering with them to buy Asda in 2021. As part of a restructuring of EG Group’s UK operations, Asda bought EG’s UK and Ireland forecourt business in 2023 in a deal valued at around £2.27bn.
Zuber Issa later sold his stake in Asda and acquired several UK convenience stores from EG Group to create EG On The Move. He stepped down as EG Group’s co-chief executive but remained on the company’s board.
According to the report, the possible IPO is part of EG Group’s efforts to strengthen its balance sheet and reduce debt. The company has sold operations in France and Italy as it focuses on its main markets.
EG Group reported revenue of around £19bn and operating profit of about £670m in 2024. The company had net debt of roughly £4.2m, and employs more than 33,000 people and operates thousands of fuel and convenience sites worldwide.
Experts said the decision to choose New York over London for the possible listing shows the growing importance of the US market for EG Group. The company, which was founded in the UK, now sees the US as one of its biggest operations.
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.
