EG GROUP TO ACQUIRE 34 SPRINT FOOD STORES

03/11/21

CSP News

WESTBOROUGH, Mass. — EG Group has entered into an asset purchase agreement with Sprint Food Stores Inc. The company expects to acquire all 34 company-operated fuel and convenience-store locations in Georgia and South Carolina and the proprietary Sprint Kitchen foodservice brand from Sprint.

This acquisition will expand Blackburn, U.K.-based EG Group’s presence in the United States to two additional states; it will operate more than 1,750 sites across 33 states.

The Sprint Kitchen brand offers a selection of made-in-store hot food items including fried chicken, pizza and breakfast options, which will complement EG Group’s existing U.S. foodservice proposition.

“We are excited to have Sprint join the EG America team,” said George Fournier, president of EG America. “We know our new colleagues will make a strong contribution, as we expand our business into two new states.”

Zuber Issa CBE and Mohsin Issa CBE, co-founders and co- CEOs of EG Group, said, “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.”

Andy Jones, president and CEO of Sprint Food Stores, said, “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. 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.”

The deal is subject to customary conditions including the receipt of necessary regulatory approvals. The companies expect the transaction to be completed by the end of 2021.

BMO Capital Markets is acting as exclusive financial advisor to Sprint in connection with the transaction.

Founded in 2001 by the Issa Family, EG Group is a leading petrol forecourt retail convenience operator which has established partnerships with global brands. It has more than 6,200 sites across the United Kingdom and Ireland, Europe, the United States and Australia.