EG Group announced the acquisition of Schrader Oil and its 18 c-stores and fuel stations in Northern Colorado.
In the U.S., EG Group owns and operates Cumberland Farms, Certified Oil, Fastrac, Kwik Shop, Loaf ‘N Jug, Minit Mart, Quik Stop, Tom Thumb and Turkey Hill. The purchase of Schrader Oil will take EG Group’s network to over 1,700 stores across the country, operating in 33 states and retailing over 2.5 billion gallons of fuel with merchandise sales of more than $3 billion on an annualized basis.
The Schrader Oil sites will be rebranded to Loaf ‘N Jug to provide customers with a consistent service and offer across EG Group’s current Colorado network, which currently includes 88 Loaf ‘N Jug convenience stores.
“We have a firm commitment to continue growing our presence in the USA, the world’s largest convenience market,” said Mohsin Issa, Founder and co-CEO of EG Group. “We are extremely pleased to have reached an agreement to acquire Schrader Oil as another strong network addition to our existing business.”
Community and convenience have been a trademark of the Schrader family since 1937, with the business developing over four generations by responding to evolving customer demands and providing the highest levels of service.
“We are thrilled to be passing the baton to a highly successful and growth oriented company in EG,” said Steve Schrader, President of Schrader Oil. “We believe they have the capability to take our success and continue to support our community for many years to come. We believe we have found the best fit for our family, our employees, and our community.”
The terms of the transaction were not disclosed, but the deal is being funded using existing cash reserves and is not material to EG Group’s balance sheet. The transaction is expected to close by the end of 2020, subject to customary regulatory approvals. All site and field-based employees of Schrager will transfer to EG Group.
Founded in 2001 by the Issa Family, U.K.-based EG Group is a leading petrol forecourt retail convenience operator who has established partnerships with global brands. The business has an established pedigree of delivering an excellent fuel, grocery and merchandise, and foodservice.
EG Group currently employs over 55,000 people working in circa 6,000 sites across Europe, the U.S. and Australia.