EG On The Move completes acquisition of 85 PRAX petrol forecourts
EG On The Move, the petrol and convenience retail operator, has completed the acquisition of 85 PRAX petrol forecourts in the UK.
The deal expands EG On The Move's national site network to around 285 locations in the UK.
A spokesman said: “The acquired business will continue to operate under a commission operator model, with a strong focus on working closely with those running the sites to enhance site performance, improve the customer experience, and unlock long-term growth opportunities.”
Zuber Issa CBE, the CEO of EG On The Move, said: “Our business is built on strong partnerships with not only retail brand partners but now independent commission operators. We are delighted to welcome the PRAX network into our UK site portfolio.”
EG On The Move said it will look to explore a range of investment opportunities across the acquired network. These include investing in the sites to enhance motorist welfare services, expanding foodservice offers, exploring grocery and merchandise ranges, and introducing fast electric vehicle charging and car washes.
A spokesman said EG On the Move would not be commenting on the value of the transaction; “however, we can confirm that the acquisition was funded through existing financing facilities, reflecting the strength of the EG On The Move's funding platform capacity, capability and flexibility to support such strategic growth opportunities”. EG On The Move was advised by Cleary Gottlieb Steen, Hamilton LLP and PWC in connection with the deal.