Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeCommoditiesEnergyOil & GasNewsEG’s gas-station firm Cumberland Farms files for U.S. IPOThe company is considering seeking a valuation of about US$9 billion in the IPOAuthor of the article:Last updated 0 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.Drops of petrol fall from the nozzle of a petrol pump at a gas station in Mulhouse, eastern France, on April 1, 2026. Photo by SEBASTIEN BOZON / AFP via Getty ImagesCumberland Farms Ltd., the gas station and convenience store operator, filed for a U.S. initial public offering, joining a rush of debuts that’s powered a record start to the year.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe Charlotte, North Carolina-based company, which will be held by parent firm EG Group Ltd, had a net loss of US$95 million on revenue of nearly US$4 billion in the first three months of the year, compared with a net income of US$3 million on revenue of US$3.73 billion a year earlier, according to its filing Thursday with the U.S. Securities and Exchange Commission. The company, which is backed by buyout firm TDR Capital, is considering seeking a valuation of about US$9 billion in the IPO, Bloomberg News reported last month.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againThe offering could raise about US$1 billion, people familiar with the matter have told Bloomberg News. The company expects to use the IPO proceeds for purposes including repaying a pair of term loan facilities, the filing shows. EG Group is expected to maintain voting control over Cumberland Farms after the offering.The IPO filing sets the company up to pitch investors as bankers broaden the range of companies away from those driving artificial intelligence. Bankers are riding a high after U.S. IPOs and share sales totaled a record US$251 billion through June 26 this year in the best half ever, data compiled by Bloomberg show.The British billionaire Issa brothers, Mohsin and Zuber, co-founded EG Group — then known as Euro Garages — in 2001. They later sold 50 per cent of the company to TDR. The company has expanded its global presence to total more than 1,400 sites in the U.S. and more than 1,700 in Europe, according to the filing.TDR separately teamed up with the 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.. The company expects its shares to trade on the Nasdaq Global Market under the symbol CMBY.With assistance from Swetha Gopinath Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.