EG Group is set to acquire 97 Esso-branded sites in the Netherlands, having entered into a definitive agreement with NRGValue Holding Nederland BV for the acquisition of all shares in NRGValue Retail BV.
The acquisition means EG Group will have increased its network to become market leader in the Netherlands with 595 petrol stations.
Mohsin Issa, EG group founder and co-ceo said: “This is a great opportunity for EG to reinforce its existing position as a leading independent forecourt operator in the Netherlands. I believe that our expertise in investing in an effective, branded non-fuel retail offer provides room for significant growth across the NRGValue portfolio. We are focused on delivering a world-class fuel, convenience store and food-to-go offer which exceeds consumer expectations.”
Ramon Mendes de Leon, NRGValue Founder and CEO:“Over the past two years, my team and I have led the NRGValue business to become a successful independent operator in the Netherlands. Having interacted with the EG Group team over the past couple months, I believe that EG Group is the perfect partner to drive the business into its future stage of growth. I would like to thank the NRGValue team on this fantastic journey.”
The purchase is subject to the approval from the Dutch competition authority (ACM). It will be financed via incremental first lien debt which has been underwritten by Bank of America Merrill Lynch, Barclays, Deutsche Bank, Morgan Stanley and UBS.
Bank of America Merrill Lynch is acting as exclusive financial advisor to EG Group. Allen & Overy is acting as legal advisor to EG Group.