Westlake, Ohio — British gas station and convenience store operator EG Group has agreed to acquire a portfolio of real estate assets, including 225 Minit Mart-branded stores, for $305 million.
The seller was Westlake, Ohio-based TravelCenters of America, which operates several convenience store and gas station chains across the county, including Petro, TA and Quaker Steak & Lube.
The transaction follows EG Group’s acquisition of a 762-site portfolio of convenience stores across the country earlier this year. Kroger sold those properties, which include stores under the Tom Thumb, Loaf ‘N Jug and Kwik Shop banners.
“We have a firm commitment to growing our presence in the U.S., the world’s largest convenience market,” says Mohsin Issa, founder and CEO of EG Group. “The Minit Mart portfolio will be a strong addition to our business.”
Upon closing of the deal, EG Group will own and operate approximately 1,000 convenience retail stores and gas stations across the country. A timeline for closing was not released.
Legal advisors to EG Group are Eversheds Sutherland LLP for acquisition issues and Kirkland & Ellis LLP for banking and finance issues. Barclays Bank acted as M&A advisor to EG Group and also underwrote debt financing for the deal.
— Taylor Williams