The Blackburn-founded petrol forecourts behemoth EG Group is poised to initiate formal arrangements for a colossal $9bn (£6.7bn) flotation on the US stock market. Sky News has learned that the company, established by brothers Mohsin and Zuber Issa, will commence the selection of financial advisers as early as next week, with the public offering anticipated before the end of 2026.
The Road to a New York Listing
According to City sources, EG Group will hold a 'beauty parade' of major investment banks in London to appoint lead managers for the landmark listing. Institutions including Barclays, Bank of America, Goldman Sachs, JP Morgan, and Morgan Stanley are expected to compete for a role in the high-profile deal. The company, which may list under the name Cumberland Farms, is likely to be valued at between $8bn and $9bn following a series of major asset disposals.
A Strategic Shift Across the Atlantic
The decision to pursue a US listing marks a significant strategic pivot for the British-born company. While founded in the UK, EG Group's largest single market is now the United States, where its chief executive, Russell Colaco, is based. The group's global headquarters is also in the process of relocating to Charlotte, North Carolina. Bankers involved believe a New York flotation is more logical than a London one, reflecting the company's operational重心 and growth ambitions.
EG Group is chaired by Lord Rose, the former chairman of Marks & Spencer and Asda. The firm is roughly 50% owned by the London-based private equity firm TDR Capital, which also holds a controlling stake in the supermarket chain Asda. The Issa brothers each retain approximately a 25% stake in the forecourts business.
Streamlining for the Float
In preparation for the public offering, EG Group has aggressively reduced its debt burden through a series of strategic sales. This has included offloading the majority of its UK sites to Asda, selling its Italian operations, and progressing with the disposal of its Australian unit, which is awaiting competition clearance. The group now trades in Britain from only about 150 Starbucks-branded outlets, which are also potentially up for sale.
Despite these divestments, EG Group remains a global powerhouse in fuel retailing and foodservice. The company employs around 33,000 people across roughly 4,300 sites worldwide and serves an estimated one billion customers annually. An EG Group spokesman declined to comment on the listing plans when approached by Sky News.
