Cumberland Farms Ltd., the gas station and convenience store operator backed by EG Group Ltd., filed for a U.S. initial public offering on Thursday, joining a surge of debuts that has powered a record start to the year for IPOs.
The Charlotte, North Carolina-based company is considering a valuation of about US$9 billion in the IPO, Bloomberg News reported last month. The offering could raise approximately US$1 billion, according to people familiar with the matter.
Financial Performance and Use of Proceeds
In its filing with the U.S. Securities and Exchange Commission, Cumberland Farms reported a net loss of US$95 million on revenue of nearly US$4 billion for the first three months of 2026. This compares with a net income of US$3 million on revenue of US$3.73 billion in the same period a year earlier.
The company expects to use proceeds from the IPO to repay a pair of term loan facilities, the filing shows. EG Group is expected to maintain voting control over Cumberland Farms after the offering.
Market Context and Growth
The IPO filing positions Cumberland Farms to pitch investors as bankers broaden the range of companies beyond those driving artificial intelligence. U.S. IPOs and share sales totaled a record US$251 billion through June 26 this year, the best first half ever, according to data compiled by Bloomberg.
The company operates more than 1,400 sites in the U.S. and more than 1,700 in Europe, according to the filing. It was founded by the British billionaire Issa brothers, Mohsin and Zuber, who started EG Group—then known as Euro Garages—in 2001. They later sold 50% of the company to buyout firm TDR Capital.
Corporate Structure and Expansion
TDR separately teamed up with the Issa brothers to buy U.K. supermarket chain Asda in 2021. Asda agreed to buy EG Group’s U.K. and Ireland gas station business in 2023.
The offering is being led by Bank of America Corp., Goldman Sachs Group Inc., and Jefferies Financial Group Inc. Cumberland Farms expects its shares to trade on the Nasdaq Global Market under the symbol CMBY.
