EG Group Acquires Fastrac Business in the USA

Source Press Release
Company Euro Garages 
Tags Corporate Deals, Deals, Refining & Marketing Activities
Date April 09, 2019

EG Group is pleased to announce further expansion across the United States of America with the definitive agreement for the acquisition of a portfolio of 54 Fastrac Markets (“Fastrac”) branded convenience retail stores and gas stations in addition to their wholesale fuel business.

Fastrac operates in New York State with sites clustered along the 1-90 corridor in the Rochester-Syracuse-Albany region, with over 500 employees. Jay Erickson, President of EG America stated, “Tom Waddle and his fellow shareholders have built an outstanding portfolio of large, modern facilities run by a team of associates who are connected to the communities they serve. We are very impressed by the Fastrac operation, from their unbranded fuel procurement and transportation department to the well-developed signature pizza program offered. These stores are highly complementary to EG Group’s existing US operation and we are very fortunate to have Fastrac join our EG America family.”

In April of 2018, EG Group acquired a 762 site convenience store business in the United States from Kroger Co. (NYSE:KR), operating under the following banner names: Turkey Hill, Loaf ‘N Jug, Kwik Shop, Tom Thumb and Quik Stop (“Kroger Deal”). As part of the Kroger Deal, EG Group established their North American headquarters in Cincinnati, Ohio.  In December of 2018, EG Group expanded to 988 stores with the acquisition of the Minit Mart portfolio from Travel Centers of America (NASDAQ:TA) and the opening of a new Turkey Hill location in Pennsylvania. The Fastrac purchase will take the EG Group 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 USA, 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 gas 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 USA 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. Matrix Capital was the exclusive advisor for Fastrac Markets.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd