EG GROUP TO ACQUIRE 34 SPRINT FUEL AND CONVENIENCE STORE LOCATIONS
EG Group (“EG” or “the Company”) is pleased to announce that it has entered into an Asset Purchase Agreement (“Purchase Agreement”) with Sprint Food Stores, Inc. (“Sprint”) in the USA.
EG 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, subject to customary conditions set forth in the Purchase Agreement including the receipt of necessary regulatory approvals. The transaction is expected to complete by the end of 2021.
This acquisition expands EG’s presence in the USA to two additional states, and post-completion EG will operate over 1,750 sites across 33 states. Additionally, the Sprint Kitchen proprietary foodservice brand is one of the premier food offerings in its market with a wide selection of made-in-store hot food items including fried chicken, pizza, and breakfast options, which will complement EG’s existing and successful foodservice proposition across the USA.
Zuber Issa CBE and Mohsin Issa CBE, co-founders and co- CEOs of EG Group, commented: “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.”
George Fournier, President of EG America, said: “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.”
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.”
BMO Capital Markets is acting as exclusive financial advisor to Sprint Food Stores, Inc. in connection with the transaction.