Billionaire Blackburn Issa brothers' EG Group sells Italian arm to consortium in £367m deal
Blackburn-based EG Group, founded by billionaire brothers Mohsin and Zuber Issa, has agreed to sell its Italian operations in a deal worth €425m (£367m).
The sale to a consortium of Italian operators - PAD Multienergy, Vega Carburanti, Toil, Dilella Invest and GIAP - marks the group’s exit from the Italian market as it focuses on core territories and reducing debt.
The retail, foodservice and fuel giant - co-owned by private equity firm TDR Capital - employs around 38,000 people worldwide and operates more than 5,500 sites across nine countries.
Russ Colaco, CEO of EG Group, said: “We remain relentlessly focused on driving forward EG Group’s growth strategy.
“This important transaction is fully aligned with this strategy, as we continue to focus on our core markets with the greatest growth potential and deliver on our deleveraging programme.
“We are grateful to our colleagues in Italy for their hard work and dedication, and we wish the business continued success in the future.”
Representatives of the consortium added: “The acquisition of EG Italia allows us to generate new and key synergies for the development of the fuel stations network with the expansion of the services offered also with a view to the energy transition.
“The EG network together with the networks of the consortium members, all leaders in their reference territories, will enhance the know-how and skills of the EG Italia organisation, heir to the culture of Esso Italiana since 2018.”
The deal is subject to antitrust and other regulatory approvals, with completion expected by the end of 2025.
EG Group’s largest market by revenue is the USA, followed by Europe - including the UK, Germany, France and the Netherlands - and Australia.
The company partners with major global brands and operates its own outlets such as Cumberland Farms, Fastrac and Go Fresh.