Cumberland Farms is back in the headlines this week with The Times reporting from the U.K. that Canadian retailer Alimentation Couche-Tard may be looking to acquire the company for nearly $8 billion.
This isn’t the first time a deal between the two has been rumored — The Wall Street Journal also reported on purported talks in 2022.
Cumberland Farms, formerly known as EG Group, declined to comment on The Times’ report.
News of these latest alleged acquisition talks comes several months after Cumberland Farms filed paperwork for an initial public offering, signaling its intent to continue growing in the U.S.. Either result would mark another big change for a retailer that’s had its share of major shifts over the past decade.
As the industry waits for more news about Cumberland Farms, here’s a look at how the company has evolved in recent years.
Rapid early growth
EG Group was founded in 2001 when Zuber Issa founded a company called Euro Garages and bought a convenience store in Bury, England. A decade and a half later, Euro Garages combined with fellow fuel and convenience company European Forecourt Retail Group to create what became known as EG Group.
The company’s major U.S. expansion started with its agreement to buy Kroger’s c-store business for $2.15 billion in April 2018. The deal included 762 convenience stores, including 66 franchise operations,in 18 states and gave EG Group a plethora of new banners, including Turkey Hill, Loaf 'N Jug and Tom Thumb.
In summer 2019, it expanded its U.S. operations by buying Certified Oil stores in Ohio, Kentucky and West Virginia, FasTrac in New York and, most notably, Cumberland Farms, which at the time operated around 568 c-stores in the Northeast and Florida.
EG Group’s U.S. footprint by then included nearly 1,700 stores across 30 states. In 2022, the retailer began rebranding some of its Tom Thumb stores to Cumberland Farms, noting it saw growth potential in having the Cumberland Farms brand on the Gulf Coast.
EG Group also made deals with companies like ExxonMobil in Europe and Woolworths in Australia to add hundreds of stores in multiple countries around the world.
Timeline of EG Group's U.S. moves
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2016Euro Garages combines with EFR to create what would become known as EG Group.
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April 2018EG Group buys Kroger’s c-stores, including Turkey Hill, Loaf 'N Jug, Kwik Shop, Tom Thumb and Quik Stop.
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July 2019EG Group buys Cumberland Farms, which operates around 600 c-stores in eight states.
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November 2022In a trading update, the retailer says it’s focusing on “reducing total net leverage through debt reduction” and is “exploring deleveraging options.”
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March 2023EG Group enters into a $1.5 billion sale-leaseback plan in the U.S. with real estate investment trust Realty Income.
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August 2023EG Group sells 63 Minit Mart stores to Casey’s as part of a slate of divestitures.
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April 2025The company names U.S.-based Russel Colaco as its new CEO.
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August 2025EG Group announces it will move its headquarters to Charlotte, North Carolina.
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March 2026EG Group changes its name to Cumberland Farms.
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July 2026Cumberland Farms files a registration statement to go public on the Nasdaq Global Select Market.
Shrinking footprint
While growth boomed between 2018 and 2022, uncertainty began to swirl. In a trading statement in November 2022, the retailer said it aimed to deleverage the business. In early 2023, new reports surfaced that the company was looking to sell some assets in the U.S., as well as its forecourt business in the U.K.
Ultimately it would do both. EG Group announced a $1.5 billion sale-leaseback agreement with real estate investment trust Realty Income, under which Realty Income could buy the properties for up to 415 locations. Then, in October of that year, EG Group agreed to sell a majority of its c-stores and fueling locations in the U.K. and Ireland to sister company Asda.
That began a series of divestitures for the company. EG Group sold dozens of Minit Mart and Loaf ‘N Jug stores to buyers that included Casey’s General Stores.
Overseas, the retailer also sold off its Italian, Australian and French arms, pursuing its strategy of focusing on key markets and strengthening its balance sheet.
Focusing on the U.S.
In April 2025, EG Group named New York-based Russel Colaco CEO. That August, the company announced it would move its headquarters to Charlotte, North Carolina, signalling an increased focus on the U.S.
The company announced plans to grow its Cumberland Farms banner by accelerating its rebranding of Tom Thumb stores. EG Group also acquired nine Neon Market stores and rebranded those to Cumberland Farms.
Early this year, the retailer announced that it would retire the name EG Group and use the name Cumberland Farms for the whole company.
While there’s no certainty that either an IPO or an acquisition is in Cumberland Farms’ future, either one would amount to one more change in what’s been a turbulent decade for the retailer.
