Euro Garages’ Lenders Weigh Successful Growth Against High Leverage
From one filling station to almost 1,500 in 15 years.
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Potential lenders for a financing backing the merger of Euro Garages — started by the brothers Zuber and Mohsin Issa in 2001 with a single filling station in north-west England — with European Forecourt Retail Group (EFR), are balancing the company's successful growth against its high leverage ratio.
The debt, which includes more than 850 million euros ($930 million) of new loans, will create one of the region's biggest filling station operators. TDR Capital, which acquired EFR from Delek Group in 2014, and the Issa brothers will end up with an equal stake in the merged business, to be named Intervias and operating close to 1,500 outlets.