Gas station operator EG Group is eyeing up a potential $9 billion IPO in the U.S.
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Banks Being Selected
According to Sky News, the company founded by brothers Mohsin and Zuber Issa and backed by TDR Capital will begin choosing advisers and banks for the New York listing as early as next week.
Sky sources suggested that Barclays (BCS), Bank of America (BAC), Goldman Sachs (GS), JP Morgan (JPM) and Morgan Stanley (MS) were all likely to compete for the work. The IPO is expected to take place sometime this year potentially under the Cumberland Farms name.
The gas forecourts giant founded in Blackburn, England in 2001 offers Grocery & Merchandise, Foodservice and Fuel services.
It has sites in 8 countries, including the U.S., and revenues of just over $24 billion. According to its website it serves 2.5 million customers every day, and sells 180 million cups of coffee every year.
In total, EG Group employs about 33,000 people and operates roughly 4,300 sites. In recent years, EG has substantially reduced its borrowings by selling assets, including offloading the majority of its U.K. sites to Asda. The group has also sold its operations in Italy, and is close to doing so in Australia.
One banker told Sky News that after taking the disposals into account, EG Group was likely to be valued at between $8 billion and $9 billion.
U.S. is Biggest Market
EG Group is roughly 50% owned by TDR Capital, the London-based private equity firm, which also owns a controlling stake in U.K. supermarket Asda. The brothers own 25% of the company each.
The U.S. is its biggest single market and as such its global headquarters are moving to Charlotte in North Carolina. Its chief executive, Russell Colaco, is also based in the U.S.
This is why bankers believe that a U.S. listing makes more sense for the business than floating in London.
It marks a healthy start to 2026 for U.S. IPO announcements. This includes aerospace and defense technology company L3Harris (LHX) and its plans to list its rocket motors business, with bitcoin miner BitGo and construction group EquipmentShare also looking to go public. Other big names which might list this year include Anthropic and OpenAI.
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