The business owned by former Asda owner Zuber Issa has struck a deal to buy 85 former Prax petrol stations.
Issa’s business announced the deal to acquire 85 petrol forecourts owned by collapsed oil company Prax Group as he expands his own venture. EG On the Move is planning further investment following the purchase, according to a statement.
“We look forward to working alongside each operator to build on the strengths of their businesses, helping make every site more effective, more competitive and even more attractive to customers,” Issa said.
After today’s acquisition, EG On the Move now owns about 285 forecourts across the UK, having acquired dozens of sites from EG Group and a further 98 from Applegreen.
Issa is seeking to replicate the formula that made EG Group, the business he co-founded with his brother Mohsin, successful: through aggressive acquisition, adding convenience stores and franchise deals with popular third-party brands.
EG Group last month filed for a US IPO, which could reportedly value the business at $9bn (£6.74bn).
Issa jointly owns the business with his brother Mohsin and London-based private equity firm TDR Capital. He stepped down as co-chief executive in 2024, but retains a 25% stake.
No comments yet