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Cumberland Farms Ltd., the gas station and convenience store operator, filed for a U.S. initial public offering, joining a rush of debuts that’s powered a record start to the year.
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The Charlotte, North Carolina-based company, which will be held by parent firm EG Group Ltd, had a net loss of US$95 million on revenue of nearly US$4 billion in the first three months of the year, compared with a net income of US$3 million on revenue of US$3.73 billion a year earlier, according to its filing Thursday with the U.S. Securities and Exchange Commission.
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The company, which is backed by buyout firm TDR Capital, is considering seeking a valuation of about US$9 billion in the IPO, Bloomberg News reported last month.
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The offering could raise about US$1 billion, people familiar with the matter have told Bloomberg News. The company expects to use the IPO proceeds for purposes including repaying a pair of term loan facilities, the filing shows. EG Group is expected to maintain voting control over Cumberland Farms after the offering.
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The IPO filing sets the company up to pitch investors as bankers broaden the range of companies away from those driving artificial intelligence. Bankers are riding a high after U.S. IPOs and share sales totaled a record US$251 billion through June 26 this year in the best half ever, data compiled by Bloomberg show.
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The British billionaire Issa brothers, Mohsin and Zuber, co-founded EG Group — then known as Euro Garages — in 2001. They later sold 50 per cent of the company to TDR. The company has expanded its global presence to total more than 1,400 sites in the U.S. and more than 1,700 in Europe, according to the filing.
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TDR separately teamed up with the brothers to buy U.K. supermarket chain Asda in 2021. Asda agreed to buy EG Group’s U.K. and Ireland gas station business in 2023.
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The offering is being led by Bank of America Corp., Goldman Sachs Group Inc. and Jefferies Financial Group Inc.. The company expects its shares to trade on the Nasdaq Global Market under the symbol CMBY.
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With assistance from Swetha Gopinath
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English (US)