EG Group agrees to sell 63 convenience stores in the US to Casey’s
A US subsidiary of EG Group has agreed to sell 63 of its convenience stores to Casey’s General Stores for an undisclosed sum.
The move by EG America forms part of plans to reduce group debt.
Subscribe to TRBThe stores are situated in Kentucky and Tennessee and currently operate under the Minit Mart and Certified Oil banners.
The deal is expected to close later this year, subject to customary regulatory approvals.
Zuber Issa, co-founder and co-chief executive of EG Group, said: “EG Group is pleased to have found a new home for some of our Certified Oil and Minit Mart portfolio. This divestment will enable both parties to execute their strategic plans, respectively. For EG Group, this divestment also represents another important step in executing our deleveraging strategy.”
Casey’s is expected to retain the staff members working at each of the stores it is purchasing, and EG America said it is cooperating to make their transition as seamless as possible. Founded more than 50 years ago, Casey’s is the third-largest convenience store retailer in the US and has 2,500 stores.
Darren Rebelez, president and chief executive of Casey’s, added: “One of the key pillars in our strategic plan is to accelerate our store growth over the next three years and bring Casey’s to more communities. This opportunity is an excellent strategic fit as we look to add locations in Kentucky and Tennessee, which are both within our existing distribution footprint.”
