Euro Garages parent company EG Group has struck a deal to expand its US estate to more than 1,000 locations with the acquisition of 54 Fastrac Markets-branded convenience retail stores and petrol stations and the company’s wholesale fuel business.
Fastrac operates in New York State with sites clustered along the 1-90 corridor in the Rochester-Syracuse-Albany region, and has more than 500 employees. Jay Erickson, President of EG America, stated: “We are very impressed by the Fastrac operation, from their unbranded fuel procurement and transportation department to the well-developed signature pizza program. These stores are highly complementary to EG Group’s existing US operation and we are fortunate to have Fastrac join our EG America family.”
In April of 2018, EG Group acquired a 762-site convenience store business in the US from Kroger, and as part of the Kroger Deal, EG Group established its north American headquarters in Cincinnati, Ohio. The following December, EG Group expanded to 988 stores with the acquisition of the Minit Mart portfolio, and the Fastrac purchase will take it to a total of 1,042 stores, operating in 24 states.
Mohsin Issa, founder and co-CEO, 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 Fastrac portfolio as another 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 18 years, we have had a vision of becoming a leading petrol station/convenience store operator around the world. This is another exciting addition to the US portfolio as we continue on our growth journey. The Fastrac acquisition, in addition to multiple land purchases made in 2018 for new to industry stores, builds on our foundational network as we bullishly explore further real estate development prospects and more importantly provide growth opportunities in the US for all our colleagues.
“We all look forward to welcoming the talented colleagues at Fastrac 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.