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Acquisitions have been in the news lately, as more and more brands are seeking to enter new markets by adding trusted names to their rosters. Obviously, some acquisitions in the tech sector cause the most buzz in the media, but there are players in many other industries that are expanding by acquiring. For instance, EG Group has announced the closing of the acquisition of a portfolio of 54 Fastrac Markets convenience retail stores and gas stations, in addition to its wholesale fuel business.
Fastrac operates in New York State with sites clustered along the 1-90 corridor in the Rochester-Syracuse-Albany region, with over 500 employees. Jay Erickson, President of EG America, states, “We are very impressed by the Fastrac operation, from their unbranded fuel procurement and transportation department to the well-developed signature pizza program offered. These stores are highly complementary to EG Group’s existing US operation, and we are very fortunate to have the Fastrac team join our EG America family.”
In April of 2018, EG Group acquired a 762-site convenience store business in the United States from Kroger, operating under the following banner names: Turkey Hill, Loaf ‘N Jug, Kwik Shop, Tom Thumb, and Quik Stop. As part of this deal with Kroger, EG Group established their North American headquarters in Cincinnati, Ohio. In December 2018, EG Group expanded to 988 stores with the acquisition of the Mini Mart portfolio from Travel Centers of America and the opening of a new Turkey Hill location in Pennsylvania. With the agreement to acquire 69 Certified Oil stores and the closing of the Fastrac purchase, the EG Group will total 1,112 stores, operating in 25 states.
Mohsin Issa, Founder and Co-CEO of EG Group, says, “We have a firm commitment to growing our presence in the USA., the world’s largest convenience market, and are extremely pleased to have finalized the purchase of the Fastrac portfolio as another strong addition to our business. Our group’s ability to maintain consistency in brand standards along with delivering the right customer experience have made EG Group a partner of choice. Our proven track record of developing similar portfolios, creating career opportunities, and being able to leverage our relationships with leading brands to meet customer needs and align with market trends is second to none.”
Overall, this deal has been fascinating to follow, and we look forward to seeing what EG Group’s leadership brings to the Fastrac portfolio.
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