Euro Garage’s parent company EG Group has increased its estate in the US to just shy of 1,700 sites, only 16 months after its first acquisition in the country.
It has agreed a deal for the acquisition of Cumberland Farms, which operates about 600 convenience retail stores and fuel stations across seven north-east states and Florida and employs about 9,000 people.
Zuber Issa, founder and co-CEO, EG Group, stated: “Over nearly eight decades the Haseotes family have built Cumberland Farms into an outstanding portfolio of large, modern facilities run by a team of associates who are connected to the communities they serve. It is rare that an asset of this quality becomes available and we are delighted to have been successful in a highly competitive process.
“We look forward to welcoming the talented team at Cumberland Farms into the EG family.”
Ari Haseotes, president and CEO of Cumberland Farms, noted: “We very much look forward to becoming part of the EG family, as it is clear that both Cumberland Farms and EG Group share a common vision for excellence in convenience retailing and commitment to investment in our people.”
Having had no presence in the USA prior to April 2018, the purchase of Cumberland Farms will take the EG Group’s network to a total of nearly 1,700 stores across the country, operating in 30 states and retailing over 2.5 billion gallons of fuel with merchandise sales of more than $3bn on an annualised basis.
Mohsin Issa, founder and co-CEO, EG Group, added: “The acquisition of Cumberland Farms is a transformative one for our US business. It brings us greater scale and a well-established network in locations we do not currently serve that is highly complementary to our existing US store footprint. We believe that the Cumberland Farms portfolio comprises some of the very best convenience stores within the US and we are delighted they will form part of the EG family.
“We will be retaining the highly regarded Cumberland Farms brand on all of the acquired stores and are actively considering the addition of Cumberland Farms products in our wider portfolio. While we believe EG can add a lot to the Cumberland Farms business we also recognise that EG has much to learn from it.
“Our group’s ability to maintain consistency in both owned and third party brand standards along with delivering the right customer experience have made EG Group a partner, and acquirer, of choice.”