Euro Garages parent company EG Group has increased its US estate to around 1,000 sites with a $300m deal to acquire 225 Minit Mart branded convenience retail stores and petrol stations from TravelCenters of America.
Minit Mart operates across nine Midwest US states and employs almost 2,500 employees. Turnover last year was $720m.
The purchase price for the acquisition, before working capital adjustments, was $305m.
Earlier this year EG Group acquired a 762-site business in the United States from Kroger Co. Mohsin Issa, founder and co-CEO of EG Group, commented: “We have a firm commitment to growing our presence in the US, the world’s largest convenience market and are extremely pleased to have signed definitive transaction documents to acquire the Minit Mart network from TravelCenters. The Minit Mart portfolio will be a strong addition to our business.
“Our group’s ability to maintain consistency in brand standards along with delivering the right customer experience have made EG Group a partner of choice. Our proven track record of developing similar portfolios, creating career opportunities and being able to leverage our relationships with leading retail brands to meet customer needs and align with market trends is second to none.”
Zuber Issa, founder and co-CEO, EG Group added: “For the past 17 years, we have had a vision of becoming a leading gas station/convenience store operator around the world. This is another exciting international milestone on our growth journey. The Minit Mart acquisition will underpin a more sustainable network, allow us to explore further real estate development prospects and more importantly provide further growth opportunities in the USA for all our colleagues.
“We all look forward to welcoming the talented people at Minit Mart into the EG Group family and will work together to provide customers with an even better retail experience by expanding our convenience store proposition.”
The transaction is subject to regulatory approval and customary closing conditions.