EG Group, parent company of Top 50 Indie Euro Garages, has announced the completion of its acquisition of the Cumberland Farms forecourt business in the US, following the deal that was agreed in August.
Cumberland Farms is based in Westborough in Massachusetts, and operates 567 convenience stores in seven northeast states and Florida.
The integration of the Cumberland Farms assets will take EG Group’s US network to 1,680 petrol filling stations and convenience stores across 31 states, retailing more than 2.5 billion gallons of fuel with merchandise sales of more than $3bn on an annualised basis.
“The Cumberland Farms acquisition represents another significant step in our ambition to build the most compelling, comprehensive and effective convenience customer retail network across the US,” said Zuber Issa, founder and co-CEO of EG Group.
“Cumberland Farms is a well-invested, modern retail network. The Haseotes family have also invested in creating a leading-edge warehouse and commissary, established supply and logistics, developed an effective e-commerce and digital platform and created own brand merchandising. All these investments further extend our omni-channel retail capabilities and provide further strategic options for us to consider when developing a robust convenience offer.”
Ari Haseotes, president and CEO of Cumberland Farms, commented: “Being a third generation founding owner and operator, I have an immense amount of gratitude for the Cumberland Farms team and what we have achieved together. This is the right next step for Cumberland Farms and creates an incredible opportunity to expand and grow the existing business into the wider EG Group global network. In that regard, I couldn’t be more pleased with the historical milestone achieved today.”
“Our investment in Cumberland Farms, following our recent acquisitions of Fastrac, Certified Oil and Minit Mart all within a year, demonstrates our commitment to investing in convenience retail in the US. Cumberland Farms has an extraordinary heritage, one that we want to protect, develop and grow,” said Mohsin Issa, founder and co-CEO of EG Group.
“EG Group has a proven track record for successfully integrating convenience retail assets and transforming them into best-in-class customer destinations. I look forward to working with Cumberland Farms management team to further explore how we can enhance the convenience retail experience.”