(15:32 GMT) *Cumberland Farms Files Registration Statement for Proposed IPO (18:08 GMT) Cumberland Farms Files for IPO
By Josh Beckerman
Cumberland Farms, which has more than 3,200 convenience stores, detailed its plans for an initial public offering.
The Charlotte, N.C.-based company said in its filing Thursday that it had 2025 revenue of $16.34 billion, down from $17.01 billion a year earlier. It plans a Nasdaq listing under symbol CMBY.
The Wall Street Journal reported in June that Cumberland Farms owner EG Group filed confidentially for an IPO, targeting a valuation of about $9 billion.
In 2014, TDR Capital bought European Forecourt Retail Group, which combined with Euro Garages in 2016 to form EG Group. Over the years, the company grew through various acquisitions, including locations acquired from Kroger and Woolworths. EG Group bought Cumberland Farms in 2019.
EG Group has had multiple completed or announced divestitures intended to reduce leverage and focus on the strongest markets, including selling the majority of its U.K. business for proceeds exceeding $3 billion, it said.
Cumberland Farms said in the filing, "We see substantial near-term growth opportunities across our United States and European networks." Plans include rolling out food-service initiatives. Its food-service platform 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."
Write to Josh Beckerman at josh.beckerman@wsj.com