We pride ourselves on delivering a leading retail experience through a modern
and convenient shopping experience across multiple purchase occasions and strive
to exceed our customers’ expectations. We seek to provide a “one-stop shop”
retail destination through conveniently located stores that offer a full
convenience assortment. Our offerings are supported by three core pillars:
• Convenience: A one-stop destination for packaged food and beverage, tobacco
products, toiletries, household items and other non-fuel, non-prepared food
items (“Grocery & Merchandise”), prepared food, ready-to-eat meals, bakery
items, as well as hot, cold and frozen dispensed beverages (“Foodservice”),
and fuel (“Fuel”) and other ancillary services
• Quality: A commitment to operational excellence, well-invested facilities and
a leading customer experience
• Performance: Continuous investment in efficient operations and advanced
technologies, including machine learning, automated decision-making technology
and artificial intelligence algorithms, models and technologies (collectively,
“AI”) to drive results
With leading positions in highly attractive markets, Cumberland Farms is one of
the world’s largest independent convenience retailers, operating more than 3,200
sites across the United States and Europe as of March 31, 2026. We exist to
serve the needs of our customers, and we invest in what matters to them,
offering a broad range of great value, high quality products with a focus on
convenience and excellent customer service. We have developed a strong brand
identity across these attractive markets with an extensive network of stores
throughout the United States and Europe. Across these regions, we hold a
significant market position, ranking #5 in the United States and #4 in Europe by
store count according to the Top 100 Convenience Retailers by NACS as of
December 2025 and Straits Research as of December 2025, respectively. We benefit
from strong regional presence and density in key geographies, including the
Northeast in the United States, and Germany and Benelux in Europe. Our position
is supported by strategically located high-volume sites, attractive underlying
real estate, curated in-store offerings and a growing Foodservice offering that
we believe provides a meaningful opportunity for future revenue and same store
margin growth and contributes to a balanced gross profit mix across our fuel and
in-store offerings. We believe our brand identity in the United States
convenience store industry is strongest in the high-density Northeast market
where we operate under our premium positioned flagship Cumberland Farms brand.
In Europe, we operate in markets with limited new entrants and high natural
barriers to entry, and our competitive position is further reinforced by
investments in superior quality operations and customer experience to
differentiate us against our competition.
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Euro Garages was founded in 2001 with the acquisition of a single site in Bury,
England by Zuber Issa who was subsequently joined in the business by his brother
Mohsin Issa. The Issa brothers rapidly expanded the business across the U.K.
through both organic growth and the successful acquisition of businesses and
individual sites. Funds managed by TDR Capital LLP (“TDR Capital,” such funds
being the “TDR Funds”) first invested in the petrol forecourt business in 2014
through its acquisition of European Forecourt Retail Group (“EFR”), which had
operations in Benelux, as well as France. EFR subsequently combined with Euro
Garages in 2016 to form EG Group. This combination marked the beginning of a
significant period of international growth both organically and through
acquisitions. From 2018 to 2022, we expanded our global presence through a
series of acquisitions, including approximately 760 convenience sites from
Kroger, 570 Cumberland Farms sites, 540 sites from Woolworths in Australia and
more than 2,000 Esso sites across Italy and Germany, which established a strong
platform in key markets.
We have since rationalized our portfolio through strategic divestitures to
reduce net leverage and best position Cumberland Farms in the most attractive
markets as we focus on the next stage of growth. Between 2023 and today, we have
completed several significant divestitures, including the majority of our U.K.
business for proceeds exceeding $3 billion, the sale of our Italian operations
for proceeds exceeding $450 million and the sale of our Australian operations
for proceeds of approximately $830 million. The sale of our Australian
operations closed on June 30, 2026 and we expect to use the proceeds from such
sale to further paydown outstanding indebtedness in the third quarter of 2026.
Our French operations are under contract to be sold with expected gross proceeds
of approximately $330 million over the period of the third quarter of 2026 to
the second quarter of 2027. Additionally, our Parent is currently in the process
of divesting its remaining U.K. operations. The proceeds from these divestitures
have been and will be used to substantially reduce our leverage and cash
interest expense, to enhance our credit profile and our ability to invest in
organic growth opportunities in our target markets.
We believe our current platform is strengthened by our flexible operating model
across the United States and Europe that includes company-owned and
company-operated sites (“COCO”), company-owned but not company-operated sites
(“CONCO”) and dealer or third-party retailer owned and operated sites (“Other”).
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We offer a differentiated customer proposition by combining high-quality,
prime-location stores with convenient and compelling fuel and in-store
offerings. Across our markets, our stores are deeply rooted in their local
geographies and serve a meaningful role in the communities in which they
operate. Our in-store experience in the United States is supported by a
Foodservice platform that is anchored by our proprietary Farmhouse Blend
dispensed coffee and other dispensed beverage programs and is complemented by
our emerging partnership with Krispy Krunchy Chicken, which we believe provides
meaningful room for future Foodservice growth. In the United States, these
offerings are further strengthened by our growing loyalty program that enables
us to engage directly with customers and is designed to build long-lasting
relationships. In Europe, our Foodservice offering is broader and is driven by
both our partnerships with well-known global brands, such as Burger King, KFC,
Starbucks and our proprietary brand Go Fresh Bakery. Outside the store, as
mobility needs evolve, we continue to expand both traditional fuel and, where
economically appropriate, electric vehicle (“EV”) charging, to ensure customers
can access a full suite of refueling offerings.
We see substantial near-term growth opportunities across our United States and
European networks. Our priorities include strengthening same-store sales and
fuel volumes through various initiatives such as a multi-year program to refresh
and rebrand our United States portfolio under the premium Cumberland Farms
brand, the rollout of various Foodservice initiatives and continued enhancement
of our rapidly growing loyalty platform in the United States, as well as
rebranding our Grocery & Merchandise stores and Foodservice locations and
expansion of alternative Fuel offerings in Europe. We are also focused on
improving profitability through targeted operational efficiencies and
cost-saving initiatives. While our near-term focus is to further reduce
leverage, we expect that, where we can achieve attractive returns, we will
continue to selectively expand our footprint through bolt-on acquisitions that
complement our existing network and through new-to-industry store development.
We are well-positioned to continue to scale, supported by proven capabilities
and a strong execution history. Together, these initiatives are designed to
support stronger volumes and higher margins, enhance our customer value
proposition and reinforce a disciplined approach to sustained value creation.
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Our principal executive offices are located at 13515 Ballantyne Corporate Place,
Charlotte, North Carolina. Our telephone number at this address is
(980) 394-8388. Our website address is https://www.cumberlandfarms.com/. Our
registered office in the Cayman Islands is Walkers Corporate Limited, 190 Elgin
Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands.
