Zuber Issa's company, EG On The Move, has reached an agreement to purchase 85 fuel stations previously owned by the now-insolvent petroleum firm Prax Group, as the billionaire rapidly expands his new venture.
According to a statement, EG On The Move is planning further investments following its acquisition of these Prax sites, which are managed by independent operators.
Issa stated, "We look forward to working with each operator to build on the strengths of their business, helping each site become more efficient, more competitive, and more attractive to customers."
This acquisition continues a series of deals by the co-founder of the fuel station giant EG Group since establishing his new enterprise in 2023.
After acquiring dozens of sites from EG Group and 98 sites from Applegreen, EG On The Move now controls approximately 285 fuel stations across the UK.
Issa indicated last year his ambition to grow the business, which generates over £100 million in annual EBITDA, to a scale capable of achieving £500 million in profit.
He aims to replicate the model that made EG Group successful: aggressively acquiring sites, adding convenience stores, and securing franchise agreements to introduce popular third-party brands like Starbucks and Subway.
Issa's latest acquisition was made possible by Prax's insolvency last year. Prax was a large petroleum group that began in 1999 with a single fuel station near St Albans.
Sanjeev Kumar Soosaipillai and his wife Arani jointly ran the company, amassing a portfolio of fuel station assets over the next two decades while also operating a refinery business that supplied around one-tenth of the UK's fuel.
In a related development, EG Group filed for an initial public offering (IPO) in the United States last month, a transaction that could value the company at $9 billion.
Issa, who still co-owns the company (recently renamed Cumberland Farms) with his brother Mohsin and the London-based private equity firm TDR Capital, stated last August that he preferred the company to sell its US operations rather than pursue an IPO.
Issa stepped down as co-CEO of EG Group in 2024 but retains a 25% stake in the company.
The law firm Cleary Gottlieb provided advisory services to EG On The Move on this transaction.