EG Group, the forecourt operator whose owners also control Asda, has agreed to sell 63 of its convenience stores in the US to Casey’s General Stores for an undisclosed sum.
The stores are situated in Kentucky and Tennessee and currently operate under the Minit Mart and Certified Oil banners. The deal is expected to close later this year, subject to customary regulatory approvals.
The move forms part of plans to reduce EG’s huge debts, which stood close to £8bn last year following a long-running expansion and acquisition spree by the owners, the Issa brothers and TDR Capital.
Back in May, EG announced it was selling its UK and Ireland forecourt business to Asda in a deal worth £2.27bn.
Commenting on the latest sell-off, Zuber Issa, the company’s co-founder and co-chief executive, said: “EG Group is pleased to have found a new home for some of our Certified Oil and Minit Mart portfolio. This divestment will enable both parties to execute their strategic plans, respectively. For EG Group, this divestment also represents another important step in executing our deleveraging strategy.”
