EG Group Growing U.S. Presence With Fastrac Markets Acquisition
BLACKBURN, U.K. — EG Group has inked a definitive agreement to acquire Syracuse, N.Y.-based Fastrac Markets, furthering its expansion into the United States. The deal includes 54 convenience stores and gas stations, as well as Fastrac's wholesale fuel business.
"[Fastrac President and CEO] Tom Waddle and his fellow shareholders have built an outstanding portfolio of large, modern facilities run by a team of associates who are connected to the communities they serve," said Jay Erickson, president of EG America. "We are very impressed by the Fastrac operation, from their unbranded fuel procurement and transportation department to the well-developed signature pizza program offered. These stores are highly complementary to EG Group's existing U.S. operation and we are very fortunate to have Fastrac join our EG America family."
The acquisition will bring EG Group's U.S. store count to 1,042 locations across 24 states.
The company previously made major inroads into the U.S. through its purchases of The Kroger Co.'s c-store business and TravelCenters of America's Minit Mart brand, as Convenience Store News previously reported.
"For the past 18 years, we have had a vision of becoming a leading gas station/convenience store operator around the world. This is another exciting addition to the U.S. portfolio as we continue on our growth journey," stated Zuber Issa, founder and co-CEO of EG Group. "The Fastrac acquisition, in addition to multiple land purchases made in 2018 for new-to-industry stores, builds on our foundational network as we bullishly explore further real estate development prospects and, more importantly, provide growth opportunities in the USA for all our colleagues.
"We all look forward to welcoming the talented colleagues at Fastrac into the EG Group family and will work together to provide customers with an even better retail experience by expanding our convenience store proposition," Issa continued.
The transaction is subject to regulatory approval and customary closing conditions. Matrix Capital served as exclusive advisor for Fastrac Markets.
"We have a firm commitment to growing our presence in the USA, the world's largest convenience market, and are extremely pleased to have signed definitive transaction documents to acquire the Fastrac portfolio as another strong addition to our business," added Mohsin Issa, founder and co-CEO, EG Group. "Our group's ability to maintain consistency in brand standards along with delivering the right customer experience have made EG Group a partner of choice. Our proven track record of developing similar portfolios, creating career opportunities and being able to leverage our relationships with leading retail brands to meet customer needs and align with market trends is second to none."
U.K.-based EG Group entered the U.S. convenience channel in 2018.