EG Group’s Zuber Issa eyes full U.S. sale to cut debt, says FT
Published on: Aug 12, 2025
Issa noted that there is already acquisition interest from potential buyers.
EG Group co-founder Zuber Issa is advocating for the sale of the company’s entire U.S. arm as a way to bring down its $5.3 billion debt burden, according to the Financial Times. The move would mark a significant shift from shareholder TDR Capital’s long-running interest in pursuing a U.S. stock market listing.
Issa told the FT that a full divestment is appealing because there are comparable operators in the U.S. to help gauge valuations, and such a deal could reduce the group’s leverage to roughly three times earnings. In 2024, EG America generated an adjusted profit of $449 million, nearly half of EG Group’s total.
While discussions are ongoing, Issa noted that there is already acquisition interest from potential buyers. “It would be an auction process with a clear endpoint, allowing us to repay the debt more quickly than through an IPO,” he said.
EG Group, which operates more than 5,500 sites in nine countries, has faced tighter financial conditions since the end of the low interest rate era. CEO Russell Colaco, appointed in April after serving as CFO, recently emphasized the company’s strengths: “We have strengthened our balance sheet, grown earnings, and benefit from a diverse and resilient business mix that positions us well for future performance.”
The Issa brothers founded EG Group in Blackburn, UK, in 2001, serving as co-CEOs until Zuber stepped back following his acquisition of over 30 UK forecourts from the group.
The U.S. has grown into EG’s largest market by sales, especially after a wave of acquisitions starting in 2018, when the company bought Kroger’s 762-store network under banners including Turkey Hill, Loaf ’N Jug, Kwik Shop, Tom Thumb, and Quik Stop. The same year, it acquired TravelCenters of America’s Minit Mart chain, followed in 2019 by the purchase of Cumberland Farms and its nearly 660 stores.
