Apollo Global to invest $500 million in IPO-bound Cumberland Farms

Apollo Global Management

04/09/2026 11:49

Sept 4 (Reuters) - Asset manager Apollo Global Management APO.N has agreed to buy $500 million of convertible preferred shares in IPO-bound convenience store retailer Cumberland Farms in a private placement, according to a regulatory filing on Friday.
The move comes as Cumberland Farms is preparing to list in New York, having unveiled its U.S. initial public offering paperwork in July. The firm is yet to pull the trigger on the IPO roadshow launch.
The convertible preferred shares can be converted into ordinary shares at a price equal to 115% of the initial public offering price, according to the filing.
Owned by EG Group and backed by buyout firm TDR Capital, Cumberland Farms operates more than 3,200 convenience stores and fuel stations across the U.S. and Europe. 

 (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shreya Biswas)
 ((ArasuKannagi.Basil@thomsonreuters.com))