EG Group, the business founded and run by property moguls Mohsin and Zuber Issa, has agreed to buy US company Cumberland Farms which operates 600 fuel stations and convenience stores across seven US states.
The acquisition maintains
EG Group’s position as the world’s leading independent fuel station and
convenience retailer, operating around 5,000 sites across 8 countries including
the US and Europe with annual revenue around $20bn.
Mohsin Issa, Founder and
Co-CEO, EG Group said: “Whilst we believe EG can add a lot to the Cumberland
Farms business we also recognize 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.”
Mohsin and Zuber Issa founded what is now EG Group in 2001 by saving up to buy a single petrol station site in Bury, Greater Manchester, for £150,000 and have grown their Euro Garages brand through a series of shrewd acquisitions. According to the Sunday Times Rich List the Issa brothers now have a net worth of £1.2bn.
A belief commonly held by
many people is that there is no money to be made from selling fuel – the Issa
brothers seem to have proved that, if done in the right way, there certainly