London: Elusive, low profile India-origin brothers Mohsin and Zuber Issa, who made money by working in petrol stations, pulled off an acquisition by successfully bidding for the British supermarket chain ASDA.
The brothers of the Euro Garage (EG) group, along with their private equity partner TDR Capital acquired the supermarket chain from its current owner Walmart in a £6.8 billion deal. Under the deal, EG group and TDR Capital will secure a majority stake in the company, with Walmart, which wholly possessed ASDA after purchasing the firm for £7 billion in 1999will retain a minor shareholding.
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“We are very proud to be investing in ASDA, an iconic British business that we have admired for many years. Asda’s performance through the COVID-19 pandemic has demonstrated the fundamental strength and resilience of the business,” said the Issa brothers, after closing the deal.
The two Muslim brothers From rags to riches
Issa brothers’ parents moved to the United Kingdom from Ahmadabad, India in the 1960s to work in a mill. After leaving his job at the mill, their father bought his own garage, which the brothers say sparked their business interest.
The Blackburn-based brothers stressed they had hands-on experience. In a recent interview, they mentioned: “We’ve been on the pumps, we’ve been stocking the shelves, cleaning the toilets.” Zuber and Mohsin Issa, 48 and 49, started their business with a single petrol forecourt in Bury, Greater Manchester, in 2001. Now their business, EG Group, owns more than 5,200 petrol stations, mainly in Europe and the US, and employs more than 33,000 people. Their estimated worth is estimated to be £3.56 billion, including a £25m Kensington townhouse and a private jet that is kept in a hangar at Black pool Airport alongside Donald Trump‘s personal helicopter.