EG Group

What do the Issa Brothers own?
The Issa Brothers' business interests include EG Group (approximately 50% owned by TDR Capital, 25% by Mohsin, 25% by Zuber), Asda (controlled by TDR Capital with Mohsin Issa retaining a stake), and EG On The Move (owned by Zuber Issa). EG Group operates forecourts and convenience stores across Europe and the US. EG On The Move operates UK forecourts independently from EG Group.

Is EG Group publicly traded?
No, EG Group is not publicly traded. It is a privately held company. TDR Capital has been exploring a US IPO that could raise approximately $1 billion and value the business at more than $9 billion. However, co-founder Zuber Issa has publicly urged the sale of the US operations instead, creating uncertainty about the company's future listing plans.

Who founded EG Group?
EG Group was founded in 2001 by brothers Mohsin and Zuber Issa in Blackburn, Lancashire, UK. The company was originally called Euro Garages and started with a single petrol station in Bury, Greater Manchester. The brothers partnered with TDR Capital in 2016, merging Euro Garages with TDR's European Forecourt Retail Group to form EG Group.

Where is EG Group headquartered?
EG Group is headquartered in Charlotte, North Carolina, USA. The company relocated its corporate headquarters from Blackburn, UK, to Charlotte following the 2021 acquisition of Cumberland Farms, which established EG Group's significant presence in the United States. The company retains operational presence in the UK and Europe.

What is EG On The Move?
EG On The Move is a separate company owned by Zuber Issa, created after he acquired EG Group's remaining UK forecourt sites. The company operates independently from EG Group and focuses on UK forecourts and convenience retail. Zuber Issa created EG On The Move after stepping down as co-CEO of EG Group and selling his 22.5% stake in Asda to TDR Capital.

What is EG Group's revenue?
EG Group posted revenue of approximately $24.2 billion in 2024 with adjusted EBITDA of $1.4 billion. For 2025, the company reported underlying EBITDA of $942 million, down 1% year over year. The decline reflects the impact of divestments, which have reduced the overall size of the business. The company does not publicly disclose full revenue figures for 2025.

What is the relationship between EG Group and Asda?
EG Group and Asda are separate companies connected through common ownership. TDR Capital holds approximately 50% of EG Group and a controlling stake in Asda. Mohsin Issa holds approximately 25% of EG Group and a stake in Asda. Zuber Issa sold his 22.5% Asda stake to TDR Capital in 2024. EG Group previously sold its UK forecourt sites to Asda, but the two companies are independently operated.

Mohsin and Zuber Issa were born in Blackburn, Lancashire, to Indian-Gujarati parents. Their father worked as a bus driver. The brothers showed entrepreneurial drive from an early age, starting with small ventures before entering the petrol station business.

In 2001, the brothers founded Euro Garages after acquiring a single petrol station in Bury, Greater Manchester. They built the business by acquiring forecourt sites from oil companies including Esso, BP, and Shell. These oil majors were exiting direct retail operations, creating an opportunity for independent operators to acquire sites at favorable prices.

The business grew steadily through the 2000s and early 2010s, primarily through acquiring UK forecourt sites. The brothers focused on improving the non-fuel revenue at each site by adding convenience stores and foodservice offerings, recognizing that fuel margins were thin and declining while convenience store margins were significantly higher.

In 2016, the brothers partnered with TDR Capital, a London-based private equity firm. Euro Garages merged with TDR's European Forecourt Retail Group, creating EG Group. The partnership provided capital and institutional expertise for rapid expansion. TDR Capital took approximately 50% ownership, with each brother retaining approximately 25%.

The years following the TDR partnership saw aggressive expansion. In 2018, EG Group acquired approximately 1,000 Esso sites in Germany and France. In 2020, the company acquired 540 sites in Australia. In 2021, EG Group acquired Cumberland Farms, a US convenience store chain with approximately 600 locations, for $4.7 billion. This acquisition established EG Group's presence in the United States and prompted the relocation of the corporate headquarters to Charlotte, North Carolina.

Also in 2021, the Issa brothers acquired Asda, the UK supermarket chain, for $6.8 billion in a deal with TDR Capital. The acquisition was funded through a combination of equity and significant debt. Asda was purchased from Walmart, which had owned the chain since 1999.

The debt-fueled expansion strategy came under pressure when interest rates rose sharply in 2022 and 2023. EG Group's borrowings, estimated at approximately $5.3 billion, became more expensive to service. The company began a deleveraging program, selling assets to reduce debt.

In 2024, Zuber Issa stepped down as co-CEO of EG Group and sold his 22.5% stake in Asda to TDR Capital, giving TDR majority control of the supermarket chain. Zuber subsequently acquired EG Group's remaining UK forecourt sites to create EG On The Move, a separate venture focused on UK forecourts and convenience retail. He remained on the EG Group board as a non-executive director.

In 2025, EG Group sold its French forecourt interests to EG On The Move, the company run by Zuber Issa. The company also completed the sale of its Australian operations for approximately $530 million and had previously exited the Italian market for $480 million.

In August 2025, Zuber Issa publicly urged EG Group to sell its US operations to a single buyer rather than pursuing a planned IPO. He told the Financial Times that selling the US arm outright would be faster than a flotation and would allow the company to pay off its debts. This created an apparent split with TDR Capital, which had been planning a New York listing. EG Group had confidentially filed paperwork with the US Securities and Exchange Commission for an IPO that could raise approximately $1 billion and value the business at more than $9 billion.

As of August 2026, the shareholders were still considering their options. The company continues to operate its remaining portfolio of forecourts and convenience stores across Europe and the United States under CEO Russ Colaco.

The Issa brothers and EG Group have faced scrutiny over several issues.

The acquisition of Asda in 2021 for $6.8 billion was heavily debt-financed, raising concerns about the level of debt being placed on the supermarket chain. The deal was investigated by the Competition and Markets Authority (CMA), which initially raised concerns about the overlap between EG Group's forecourt convenience stores and Asda's supermarket convenience stores. The CMA ultimately cleared the deal after EG Group committed to divest certain forecourt sites.

The complex ownership structure involving EG Group, Asda, and EG On The Move has drawn criticism from corporate governance advocates. Transactions between EG Group and EG On The Move, both connected to the Issa brothers, have been questioned for potential conflicts of interest. The sale of EG Group's French forecourts to EG On The Move in 2025 was a related-party transaction, given Zuber Issa's ownership of both entities.

The high debt levels across the portfolio have been a persistent concern. EG Group's debt of approximately $5.3 billion has required significant interest payments that have constrained the company's ability to invest. The deleveraging program has reduced but not eliminated this burden.

Zuber Issa's public disagreement with TDR Capital over the company's strategic direction, disclosed through interviews with the Financial Times in August 2025, highlighted tensions between the shareholders. His call to sell the US operations rather than pursue an IPO created public uncertainty about the company's future.