euro garages

The Blackburn-based business has purchased Minit Mart convenience and forecourt stores

Euro Garages has continued its US expansion with the $305m acquisition of convenience and forecourt retailer Minit Mart.

The deal will add 225 Minit Mart branded stores to EG Group’s rapidly-growing international portfolio, adding to the 762 sites it bought from Kroger earlier this year.

The Blackburn-based business has purchased Minit Mart convenience and forecourt stores, as well as related assets, under the Minit Mart name from TravelCenters of America LLC.

Purchasing the Ohio-based chain is expected to provide cost-savings of around $20m, Euro Garages commented.

Minit Mart, which operates across nine states in the Midwest, employs almost 2,500 staff and in 2017 recorded $720m in sales and $43m in EBITDA.

Read more: JW Filshill reports 2% sales jump in ‘competitive’ market

“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 Minit Mart network from TravelCenters,” said founder and co-CEO Mohsin Issa.

Zuber Issa, fellow founder and co-CEO, added: “For the past 17 years, we have had a vision of becoming a leading gas station/convenience store operator around the world. This is another exciting international milestone on our growth journey.

“The Minit Mart acquisition will underpin a more sustainable network, allow us to explore further real estate development prospects and more importantly provide further growth opportunities in the USA for all our colleagues.”

The acquisition is still subject to regulatory approval and closing conditions.

Eversheds Sutherland LLP, Kirkland & Ellis LLP and Barclays Bank have acted as advisers to EG Group on the deal.