Asda has new owners


October 5, 2020 | By RetailME Bureau

Asda has new owners, as The Issa brothers and TDR Capital are set to acquire the British supermarket chain Asda from Walmart. The Issa brothers – founders and co-CEOs of EG Group, a global convenience and forecourts retailer in the UK, and UK-based equity firm TDR Capital will have equal shareholdings in Asda, while Walmart will retain an ongoing equity investment and a seat on the board.

The new owners will continue to build a strong and successful business, benefiting from fresh capital and expertise, as well as valuable links with Walmart. The Issa brothers, backed by TDR Capital, will support and accelerate Asda’s existing strategy, which is anchored in delivering low prices and convenience to customers however they want to shop. Under the new ownership, Asda will continue to work closely with suppliers to provide the best value ranges for customers in the categories that matter most to them.

Under CEO Roger Burnley and his management team, Asda has demonstrated huge resilience during the COVID-19 pandemic, almost doubling its online operations in a matter of months. With support from its new ownership, Asda will continue to invest in accelerating its omnichannel offer and in the resilience of its supply chain, including sourcing more food from UK farmers and maintaining its commitment to supporting domestic suppliers and small businesses.

The business will continue to be led by Roger Burnley who will form part of Asda’s board alongside representatives appointed by the Issa brothers, TDR Capital and Walmart.

As Asda has new owners, Burnley said, “This new ownership opens an exciting new chapter in Asda’s long heritage of delivering great value for UK shoppers. With our combined investment, expertise and ambition; Asda, Walmart, the Issa brothers and TDR have an incredible opportunity to accelerate our existing strategy and develop an even more exciting offer for our customers as well as strengthen our business for our colleagues. In a constantly changing retailing environment, our new ownership will further enhance our resilience, whilst creating significant, additional opportunities to drive growth. For Asda colleagues, a strong and growing business is important for our long-term future. I want to thank every single one of our people for the incredible work they do serving our communities, and together our focus will remain on building a better Asda for the benefit of all.”

While accelerating Asda’s existing strategy, the Issa brothers will bring significant additional expertise, particularly in convenience retail and brand partnerships, drawing on their experience of building a global convenience retailer with more than 6,000 sites. They are well placed to support Asda in developing a compelling convenience retail proposition and taking it to market and to advise on the development of strategic brand partnerships that will better enable Asda to address multiple consumer missions. Through these and other initiatives, the Asda leadership team and the company’s new ownership will be focused on building a differentiated operating model that will drive competitive outperformance and long-term growth.

 

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