EG Group, which was founded by the billionaire Issa brothers, has agreed to acquire 34 fuel and convenience store locations in the US.
The Blackburn-headquartered group, which includes Euro Garages, Cooplands and Leon, has entered into an asset purchase agreement with Sprint Food Stores, Inc.
The group is set to acquire all 34 sites in Georgia and South Carolina and the proprietary 'Sprint Kitchen' foodservice brand from Sprint. The transaction is expected to complete by the end of 2021.
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The acquisition expands EG Group's presence in the US to two additional states, and post-completion it will operate over 1,750 sites across 33 states.
In a joint statement Zuber and Mohsin Issa, who also own Asda alongside TDR Capital, said: "As we continue to grow our presence in the USA, we look forward to welcoming Sprint colleagues and these attractive 34 stores to the EG Group family and growing the Sprint brand in Georgia and South Carolina."
George Fournier, president of EG America, added: "We are excited to have Sprint join the EG America team. We know our new colleagues will make a strong contribution, as we expand our business into two new states."
Andy Jones, president and CEO of Sprint Food Stores, said: "We have built a solid and thriving business over the past 24 years and are proud of everything we have accomplished.
"The hard work and commitment of our team members have been the most important factors contributing to our success. EG Group is a highly innovative and growth-oriented company and we are confident they will leverage both their expertise and the dedication of Sprint Team Members to ensure these stores thrive even more."
BMO Capital Markets is acting as exclusive financial advisor to Sprint Food Stores, Inc. in connection with the transaction.
