EG Group, parent company of Cumberland Farms, has filed plans with regulators for a U.S. initial public offering (IPO), according to a recent report from the Financial Times. The outlet noted that the move could lead to a valuation of up to $9 billion.
The company has reportedly submitted paperwork with the U.S. Securities and Exchange Commission (SEC), with plans to raise more than $1 billion from investors.
The IPO could launch as soon as the next few months.
The news shouldn’t come as a shock to people familiar with the company and its recent operational decisions. Beginning in August 2025, EG made a series of large-scale divestments that signaled its intentions for a listing.
Its first move was to divest its Italian business to a consortium of established Italian operators comprised of PAD Multienergy, Vega Carburanti, Toil, Dilella Invest and GIAP. EG noted that the sale represented another positive step in its ongoing strategy to focus on its core markets and strengthen its balance sheet. The proceeds from the transaction, which valued the business at an enterprise value of roughly $496 million, were used to further reduce debt.
“We remain relentlessly focused on driving forward EG Group’s growth strategy. This important transaction is fully aligned with this strategy, as we continue to focus on our core markets with the greatest growth potential and deliver on our deleveraging program,” said Russ Colaco at the time, CEO of EG Group. “We are grateful to our colleagues in Italy for their hard work and dedication, and we wish the business continued success in the future.”
“The acquisition of EG Italia allows us to generate new and key synergies for the development of the fuel stations network with the expansion of the services offered also with a view to the energy transition,” the consortion representatives said in a statement. “The EG network together with the networks of the consortium members, all leaders in their reference territories, will enhance the know-how and skills of the EG Italia organization, heir to the culture of Esso Italiana since 2018.”
Just a few days later, in August 2025, EG announced another divestment — this time in Australia with a A$1.1 billion sale to Ampol.
“This transaction is a significant milestone in our ongoing efforts to streamline EG Group’s global portfolio and sharpen our focus on the markets where we see the largest growth opportunities. I would like to sincerely thank the Australian leadership team and all our colleagues for their significant contributions to the business,” said Colaco at the time. “We remain fully focused on executing our strategy and building a platform for further growth, with our world-class grocery and merchandise, foodservice and fuel retail proposition.”
The company’s next move was the divestment of its French business in March 2026 to Zuber Issa’s EG On The Move by entering into a put option agreement as part of a broader strategic exit from the French market.
“These transactions are a continued demonstration of our commitment to strengthening EG Group’s balance sheet through debt reduction and a disciplined approach to portfolio management,” said Colaco. “By strategically reshaping our European footprint, we are bringing additional focus to our core markets where we have identified the most attractive organic growth opportunities. I would like to thank our employees supporting the French business for their many contributions to EG Group.”
Stay tuned for more IPO updates from CStore Decisions.
