TDR Capital acquire shares from Blackburn billionaire Issa brother to become Asda majority owner

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This Issa brother has sold his stake in Asda to focus on other business ventures.

Today it has been announced that a private equity firm has agreed to buy one of the Issa brother’s shares in Asda making them majority owners.

TDR Capital bought Zuber Issa’s shares after he began talks earlier this year about selling his stake in Asda, and plans to focus on his other company, EG Group.

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The acquisition takes the ownership of Asda to 67.5% by TDR Capital, 22.5% by Mohsin Issa, and 10% by Walmart Inc.

Zuber (left) has stated he will now focus on managing EG Group.Zuber (left) has stated he will now focus on managing EG Group.
Zuber (left) has stated he will now focus on managing EG Group. | EG Group

The Issa brothers, Mohsin, 51, and Zuber, 50, from Blackburn acquired Asda from Walmart in February 2021 after growing their company Euro Garages (later named EG Group) since 2001.

Yet the brothers have endured a strained relationship recently after Mohsin is said to have caused a rift after his marriage came to an end.

TDR Capital invested in Asda alongside the Issa brothers, and together they took majority ownership of the business. 

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TDR Capital is to become the majority owner of Asda (Photo by Chris Radburn/PA Wire)TDR Capital is to become the majority owner of Asda (Photo by Chris Radburn/PA Wire)
TDR Capital is to become the majority owner of Asda (Photo by Chris Radburn/PA Wire)

Gary Lindsay and Tom Mitchell, Managing Partners of TDR Capital, said: “We first invested into Asda over three years ago, seeing a huge opportunity to cement its position as one of the UK’s leading retail brands.”

“As majority owners, we will continue to work closely with the Asda management team and colleagues across the business to support the ambitious strategy, which we believe is the right one to continue to move Asda forward.”

Mohsin Issa, co-owner of Asda, said: "Today's announcement further underlines my own and TDR's confidence both in Asda and the UK consumer market. 

“I also want to add my personal support and best wishes for Zuber’s plans as we continue our successful family partnership, working as partners on our personal co-investments, family office philanthropy and Issa Foundation projects.”

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Zuber Issa, co-founder and co-CEO of EG Group, said: “Since Mohsin and I, alongside TDR, took ownership of Asda, we have driven a period of significant investment and entrepreneurial growth activity. 

“With the divestment of my Asda shares, I will now turn my attention towards leading and managing the remaining EG UK forecourt sites that I have personally acquired, and spend more time on my charitable endeavours.

“I am pleased to see TDR increasing its investment in Asda. With Mohsin and TDR’s ongoing focus and shareholding, I am confident that Asda will achieve its growth ambitions.”

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