EG Group announced as frontrunners to take over Asda

The brothers behind the international fuel and convenience empire, Euro Garages Group (EG Group), Mohsin and Zuber Issa, have been selected by Walmart as the prime candidates to acquire Asda.

The possibility of expanding the supermarket business in their petrol station network is a key part of the operation that has put the Issa brothers and TDR, the London-based private equity backer of EG Group, in pole position.

Previously, it was private equity firm Apollo Global Management that was reported to be the leading option, but Asda announced in September that it would be trialling a new convenience store concept at EG Group stations.

Since its formation in 2016, EG Group has built an empire with acquisition after acquisition, now employing 50,000 people across almost 6,000 sites in the UK, Australia, Europe and the U.S. With the support of TDR Capital, the Issa brothers are known for their innovative ideas, smart strategic approach and ambition.

In the last three years, EG Group has acquired thousands of stations and convenience stores from Esso in Italy and Germany, Kroger, Certified Oil, Travel Centers of America, Woolworths in Australia and Cumberland Farms in the U.S, a far cry from the single garage in Bury that the brothers bought for £150,000 in 2001.

The £6.5 billion acquisition of Asda would mean a huge challenge for the brothers from Blackburn, as they enter the supermarket industry. Acquiring the British supermarket business will mean the 600 stores in the UK will return to British hands for the first time in over 20 years.

 

 

 

 

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