Independent petrol forecourt and convenience retail operators Euro Garages and European Forecourt Retail Group (EFR) are combining their businesses.
A new holding company named Intervias has been established, with a small corporate office in London.
EFR and Euro Garages will continue to operate under their own names with their current CEOs and senior leadership teams.
The merged group will be a leading independent petrol forecourt retailer in Europe, with around 1,450 locations and 8,500 employees. Euro Garages and EFR together will be serving more than six million customers a week through the management and operation of retail brands such as BP, ESSO, Shell, Texaco, Carrefour, Greggs, Louis Delhaize, Starbucks and Subway.
The group has total pro forma gross annual revenues of around EUR6 billion.
Intervias will accelerate the transformation of the European petrol forecourt convenience sector, giving consumers access to an improved shopping experience with leading global brands. EFR and Euro Garages will share best practices by leveraging EFR’s fuel purchasing and distribution expertise and international experience whilst benefiting from Euro Garages’ expertise in successfully managing brand partnerships and delivering retail excellence.
The newly established holding company named Intervias, governing both EFR and Euro Garages, will be chaired by Tony DeNunzio, a business leader with international retail and consumer goods experience at Asda, Maxeda, Dixons Carphone and Pets at Home. He will drive growth, both organically and through further international acquisitions.
DeNunzio says: “I am excited to lead Intervias – the new combination of EFR and Euro Garages. They are both companies with an exceptional performance record. We will play a pivotal role in the further consolidation of the petrol forecourt retail sector. We have an ambitious retail growth strategy and I am proud to play a role in this process as group chairman.”
Intervias will make significant investments in its people, operations, systems and locations. The current forecourt petrol asset portfolios will be enhanced with the introduction of strong food-to-go and convenience brand partners.
EFR chief executive officer Rika Coppens says: “The merger will give European consumers access to leading global retail brands on petrol forecourt locations. People have busy lifestyles and are now looking for destinations which offer quality products and services in convenient locations. It is in our DNA to offer them the best retail experience. We are looking forward to benefitting from Euro Garages successful brand partnership model.”
Euro Garages co-founder and chief executive Mohsin Issa says: “We are very excited with this great combination of best-in-class operators, gaining a further commercial insight from the unique fuel expertise of EFR. Furthermore, I am very pleased with Tony DeNunzio’s appointment as our new group chairman. We are convinced he is the right person to lead the group; he brings a wealth of retail experience and expertise to drive our future growth plans.”
Funds managed by TDR Capital and the two brothers Mohsin and Zuber Issa, the founders of Euro Garages, will each own 50 per cent of Intervias. The transaction is subject to customary regulatory approvals and is expected to be completed no later than November 2016.
