BLACKBURN, U.K. — The foreign company buying American convenience-store chains is at it again.
EG Group has reached an agreement to acquire all 54 c-stores and gas stations branded Fastrac Markets, in addition to Fastrac’s wholesale fuel business, according to EG Group. The transaction is subject to regulatory approvals and customary closing conditions. Matrix Capital was the exclusive adviser for Fastrac Markets.
- Blackburn, U.K.-based EG Group is No. 8 in CSP’s Top 40 update to the 2018 Top 202 ranking of U.S. c-store chains by number of company-owned retail outlets.
“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,” said Mohsin Issa, founder and co-CEO of EG Group.
With more than 500 employees, East Syracuse, N.Y.-based Fastrac operates in New York with sites clustered along the I-90 corridor in the Rochester-Syracuse-Albany region. The company was founded through a merger of Bull Bros. Inc., Clark’s Petroleum and Glider Oil Co.
Founded in 2001 by brothers Zuber and Mohsin Issa, Blackburn, U.K.-based EG Group is a retail fuel, c-store and foodservice operator with established partnerships with global brands such as Esso, BP, Shell, Carrefour, Louis Delhaize, Spar, Starbucks, Burger King, KFC, Greggs and Subway. It has about 4,700 fuel and convenience sites in Europe and North America, employing more than 28,500 people.
In April 2018, EG Group acquired Kroger Co.’s c-store business and established its North American headquarters in Cincinnati. In December 2018, EG Group expanded to 988 U.S. stores with its acquisition of the Minit Mart portfolio from TravelCenters of America 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 in the United States, operating in 24 states.