EG America Sells Some Minit Marts

The $46 million deal is another step in reducing debt.

March 10, 2023

ALEXANDRIA, Va.—EG Group has sold 26 Minit Mart locations for $48 million, according to the company’s full-year earnings results, which described the locations as “non-core sites” in the central United States. The company said the transaction would have “no impact on EBITDA.” The retailer purchased 225 Minit Mart locations from TravelCenters of America for $305 million in 2018.

Earlier this week, EG Group announced a $1.5 billion sale-leaseback agreement involving 415 locations. The motivation for the deal was to reduce EG Group’s debt.

“As we previously stated, management is committed to further significant deleveraging and is actively exploring additional opportunities to put in place a sustainable capital structure for the Group to underpin our long-term strategy,” Zuber Issa, co-founder and co-CEO of EG Group, commented in a statement.

At the end of 2022, EG Group had 6,612 total sites, two-thirds of which were company owned and operated. An acquisition of 285 forecourts in Germany in May 2022 is the most recent major driver of growth.

Issa provided an overview of the company’s performance and trajectory: “In 2022, we delivered a highly resilient performance, despite macro-economic headwinds. We continued to expand our successful foodservice business through disciplined investment in our unparalleled offering and ongoing innovation across proprietary and popular third-party brands. The grocery and merchandise business also performed well in 2022 and customers continue to respond positively to our converted Asda On the Move convenience stores. We again made good progress in fuel against a highly competitive backdrop across our markets and are encouraged by our ongoing trial of ultra-fast chargers and infrastructure, evpoint, in the U.K., as part of our energy transition plans to lower-carbon fuels.”