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Stock Markets June 23, 2026 12:49 PM

EG Group Moves Toward U.S. IPO That Could Raise About $1 Billion

UK petrol forecourt and convenience operator, backed by TDR Capital, explores a U.S. listing with a possible $9 billion valuation and no final decisions yet on size or timing

By Ajmal Hussain
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EG Group has confidentially filed paperwork for a U.S. initial public offering that could raise roughly $1 billion. The company, which is backed by private equity firm TDR Capital and was co-founded by the Issa brothers, is reportedly eyeing a valuation near $9 billion and a potential listing as soon as July. Deliberations over the offering's size and timing are still ongoing. The group operates filling stations, convenience stores and fast-food outlets across multiple markets and reported $24.198 billion in revenue for 2024.

EG Group Moves Toward U.S. IPO That Could Raise About $1 Billion
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Key Points

  • EG Group has confidentially filed for a U.S. IPO that could raise approximately $1 billion and is reportedly considering a valuation around $9 billion.
  • The company, co-founded by the Issa brothers and backed by TDR Capital, operates fuel stations, convenience stores and fast-food service providers across Europe, the U.S. and Australia under multiple local brands.
  • EG Group reported 2024 revenue of $24.198 billion, operating profit of $856 million, profit before tax of $10 million, and adjusted EBITDA of $1.361 billion; 2025 figures have not yet been published.

EG Group, the UK-origin petrol forecourt and convenience retail operator, has made a confidential filing seeking a U.S. initial public offering that could bring in about $1 billion. The move was disclosed in a market report published on Tuesday, which also notes the company is being backed by buyout firm TDR Capital.

People involved in the process are said to be considering a valuation in the vicinity of $9 billion, with the potential for the listing to occur as early as July. Sources caution that talks are still in progress and that no final decisions have been taken regarding the precise size of the offering or its timing.

Background and operations

Founded by the Issa brothers as Euro Garages in 2001 from a single filling station, the business has since grown into a multinational operator. The founders later sold a 50% stake in the company to TDR Capital. Today, EG Group Limited runs a network of fuel stations, convenience stores and fast-food service outlets across Europe, the United States and Australia.

In the United States the company operates under multiple local brands, including Cumberland Farms, Turkey Hill, Sprint and Tom Thumb. Those assets form part of the group’s diversified retail footprint that combines fuel sales with convenience retail and quick-service food offerings.

Financial snapshot

EG Group’s 2024 annual report shows revenue of $24.198 billion for the year, with operating profit at $856 million and profit before tax of $10 million. Adjusted EBITDA for 2024 was reported at $1.361 billion. The company has not yet published its financial results for 2025.

What remains uncertain

While the company has taken the step of filing confidentially for a U.S. IPO and is reportedly discussing a valuation near $9 billion, deliberations continue and no firm determinations on the size or timetable of the listing have been announced. Additionally, investors and market watchers will be waiting for the yet-to-be-published 2025 financials to gain a more current view of the company’s performance.

The prospective offering, if it proceeds, would place EG Group in the public markets as it seeks to monetize part of its international network and provide liquidity for its private investors.

Risks

  • No final decisions have been made on the IPO’s size or timing, creating uncertainty for market participants and potential investors in public markets.
  • The company’s 2025 financial results are not yet available, limiting visibility into its most current operating and financial performance for investor assessment.
  • Valuation expectations (reported near $9 billion) and the proposed proceeds (about $1 billion) may change as deliberations continue, affecting deal economics and investor appetite.

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