EG Group has entered into a binding agreement for the acquisition of Cumberland Farms. The family company operates approximately 600 convenience retail stores and fuel stations across seven north-east states and Florida and employs 9,000 people.
Having had no presence in the USA prior to April 2018, the purchase of Cumberland Farms will take the EG Group’s network to a total of nearly 1,700 stores across the country, operating in 30 states and retailing over 2.5 billion gallons of fuel with merchandise sales of more than $3 billion on an annualized basis.
Mohsin Issa, Founder and co-CEO, EG Group added “The acquisition of Cumberland Farms is a transformative one for our US business. It brings us greater scale and a well-established network in locations we do not currently serve that is highly complementary to our existing US store footprint. We believe that the Cumberland Farms portfolio comprises some of the very best convenience stores within the USA and we are delighted they will form part of the EG family”.
Cumberland Farms opened its first milk store in Bellingham, Massachusetts, in 1957 and five years later the business began to expand to offer its customers a full range of products: groceries, beverages, health and cosmetics.
Cumberland Farms quickly grew to become New England’s first true convenience store and since 1972, self-service gas pumps began to be installed outside the stores.
Zuber Issa, Founder and co-CEO, EG Group stated, “Over nearly eight decades the Haseotes family have built Cumberland Farms into an outstanding portfolio of large, modern facilities run by a team of associates who are connected to the communities they serve. It is rare that an asset of this quality becomes available and we are delighted to have been successful in a highly competitive process. We look forward to welcoming the talented team at Cumberland Farms into the EG family”.
Founded in 2001 by the Issa Family, United Kingdom based EG Group is a leading gasoline forecourt retail convenience operator that has established partnerships with global brands. It has approximately 5,200 sites in Europe, the United States and Australia.
Cumberland Farms will retain its brand name on all of the acquired stores and EG Group is considering the addition of its products in their wider portfolio.
Ari Haseotes, President and CEO, Cumberland Farms noted, “We very much look forward to becoming part of the EG family, as it is clear that both Cumberland Farms and EG Group share a common vision for excellence in convenience retailing and commitment to investment in our people.”