EG Group has agreed a deal to buy Schrader Oil, a chain of 18 convenience stores and fuel stations in Northern Colorado that employs 150 people.
EG Group already operates a network of 88 Loaf ‘N Jug convenience stores in Colorado, with about 1,500 employees, and the Schrader Oil sites will be rebranded to Loaf ‘N Jug.
Mohsin Issa, founder and co-CEO of EG Group, commented: “We have a firm commitment to continue growing our presence in the US, the world’s largest convenience market. We are extremely pleased to have reached an agreement to acquire Schrader Oil as another strong network addition to our existing business.
Steve Schrader, president of Schrader Oil Company, said: “We are thrilled to be passing the baton to a highly successful and growth-oriented company in EG. We believe they have the capability to take our success and continue to support our community for many years to come. We believe we have found the best fit for our family, our employees, and our community.”
The transaction is expected to close by the end of 2020, subject to regulatory approvals.
In the US, EG Group owns and operates Cumberland Farms, Certified Oil, Fastrac, Kwik Shop, Loaf ‘N Jug, Minit Mart, Quik Stop, Tom Thumb, and Turkey Hill. The purchase of Schrader Oil will take EG Group’s network to more than 1,700 stores across the country, operating in 33 states and retailing more than 2.5 billion gallons of fuel with merchandise sales of more than $3bn on an annualised basis.