Kroger Sells Its C-Store Business to Britain's EG Group

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Kroger sells its c-store business to Britain’s EG Group for $2.15bn U.S. supermarket chain Kroger has announced the sale of its convenience store business to the UK’s EG Group for $2.15 billion. After rumours emerged that Kroger was weighing up the sale of its convenience store business last October, the U.S. retailer and EG Group have signed the acquisition. "As part of our regular review of assets, it has become clear that our strong convenience store business unit will better meet its full potential outside of our business,” said Mike Schlotman, Kroger's executive vice president and chief financial officer. EG Group, a privately-held petrol forecourt convenience store retailer based in Blackburn, United Kingdom, will establish their North American headquarters in Cincinnati, Ohio and continue to operate stores under their established banner names. "This is an exciting time for EG Group, the entry into the US market presents a fantastic opportunity to deliver a successful retail offer to consumers across the various states. We have had much success across Europe and we firmly believe the Kroger assets present a fantastic foundation to overlay our retail experience and know-how in the US,” said Mohsin Issa, EG Group Founder and co-CEO. Kroger’s convenience store business consists of 784 sites located across 18 states and operating under the following brands: Turkey Hill, Loaf 'N Jug, Kwik Shop, Tom Thumb and Quik Stop. The business generated revenue of $4 billion, including selling 1.2 billion gallons of fuel, in 2016. “In the U.S. we aim to create a retail environment which delivers convenience, provides value and serves as a retail destination offering excellent welfare to motorists who live and work near our petrol forecourt convenience retail stores," added Zuber Issa, EG Group Founder and co-CEO. The EG Group currently employs over 12,500 staff working in over 2,600 sites across various European markets including the United Kingdom, France, The Netherlands, Belgium, Luxembourg and Italy. In 2017, the business secured approximately 1,000 petrol forecourt assets from Esso in Germany which will be integrated into the existing network after October 2018. With the inclusion of the Kroger assets, EG Group will own and operate circa 4,400 sites across Europe and the US. Last update: February 6, 2018 Copyright © 2021. All rights reserved. www.petrolplaza.com.

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