The EG Group has announced the acquisition of Schrader Oil in the United States.

Schrader currently operates 18 convenience retail stores and fuel stations in Northern Colorado and employs 150 people. Established in 1937, the business has been family owned ever since.

EG Group already operates a network of 88 Loaf ‘N Jug convenience stores in Colorado, employing 1,500 people. The Schrader Oil sites will now be rebranded to Loaf ‘N Jug to provide across the state.

Mohsin Issa, Founder and co-CEO of EG Group, said: “We have a firm commitment to continue growing our presence in the USA, the world’s largest convenience market. We are extremely pleased to have reached an agreement to acquire Schrader Oil as another strong network addition to our existing business."

Steve Schrader, President of Schrader Oil Company said: “We are thrilled to be passing the baton to a highly successful and growth oriented company in EG. We believe they have the capability to take our success and continue to support our community for many years to come. We believe we have found the best fit for our family, our employees, and our community.”

In the US, EG Group already owns and operates Cumberland Farms, Certified Oil, Fastrac, Kwik Shop, Loaf ‘N Jug, Minit Mart, Quik Stop, Tom Thumb, and Turkey Hill. The purchase of Schrader Oil will take EG Group’s network to over 1,700 stores across the country, operating in 33 states and retailing over 2.5 billion gallons of fuel and more than US$3 billion sales.

The terms of the transaction were not disclosed, but the company said 'the deal is being funded using existing cash reserves and is not material to EG Group’s balance sheet'.

The transaction is expected to close by the end of 2020, subject to customary regulatory approvals. All site and field-based employees of Schrager will transfer to the EG Group.