Mohsin and Zuber Issa, the billionaire brothers who engineered the takeover of grocery chain Asda, are eyeing a float of their petrol forecourt chain EG Group in New York this year.
Reports on Sunday suggested the chain might be worth as much as US$13 billion, given earnings last year of US$1.1 billion.
The brothers plus TDR Capital, also their partner in the Asda deal, would likely reduce their stakes in EG through the IPO, the report suggested.
Zuber Issa told The Sunday Times that “the road map is starting now” on an IPO, with the name of the business to be Cumberland Farms, a convenience store group bought some years ago.
EG sold its UK forecourts to Asda in 2023 and the US now is its biggest market.
Following the acquisition of 800 convenience stores from Kroger in 2018, operations have expanded to 30 states.
Zuber Issa sold his 22.5% stake in Asda last year with the money used to buy out the rump of EG’s UK operations not sold to the UK grocer.