Sprint Food Stores Agrees to Sell Chain to EG Group
The 34 locations will expand EG's presence in Georgia and South Carolina.
WESTBOROUGH, Mass. — EG Group is expanding its presence in two additional states after entering an asset purchase agreement with Sprint Food Stores Inc.
Westborough-based EG Group will pick up all 34 company-operated fuel and convenience store locations in Georgia and South Carolina from Sprint, as well as the proprietary Sprint Kitchen foodservice brand.
"We have built a solid and thriving business over the past 24 years and are proud of everything we have accomplished. The hard work and commitment of our team members have been the most important factors contributing to our success," said Andy Jones, president and CEO of Sprint Food Stores. "EG Group is a highly innovative and growth-oriented company and we are confident they will leverage both their expertise and the dedication of Sprint Team Members to ensure these stores thrive even more."
Founded in 1997, Sprint Food Stores is the largest locally owned c-store company in Augusta, Ga.
"As we continue to grow our presence in the USA, we look forward to welcoming Sprint colleagues and these attractive 34 stores to the EG Group family and growing the Sprint brand in Georgia and South Carolina," commented EG Group co-founders and co-CEOs Zuber Issa CBE and Mohsin Issa CBE.
The acquisition will grow EG's presence in Georgia and South Carolina. Post-acquisition, the company will operate more than 1,750 sites across 33 states.
"We are excited to have Sprint join the EG America team. We know our new colleagues will make a strong contribution, as we expand our business into two new states," said EG America President George Fournier.
The deal is subject to customary conditions and is expected to close by the end of 2021.
BMO Capital Markets is acting as exclusive financial advisor to Sprint Food Stores.