At the same time, the Group has strengthened its positions in Latin America through the acquisition of Comprocard, a Brazilian food voucher issuer.
With the two transactions, Edenred is pursuing its geographic expansion with the goal of opening six to eight new countries by 2016 and is reaffirming its targeted acquisitions strategy.
Japan: Edenred’s 39th country
With the acquisition of Barclay Vouchers in Japan, Edenred has entered its 39th country, following the opening in Finland in 20111 . The transaction has enabled the Group to establish a foothold in a country that enjoys significant growth potential, with 63 million employees and a penetration rate that is still very low, estimated at less than 1%. With more than 600 clients, Barclay Vouchers, the only player in the Japanese market for meal vouchers, generated 2011 issue volume of approximately €100 million. The acquisition gives Edenred direct access to a nationwide network of over 30,000 affiliates.
“With this transaction, Edenred has reaffirmed its commitment to strengthening its presence in the Asia-Pacific region, which is a strategic growth territory, especially in terms of geographic development said Laurent Pellet, Chief Operating Officer, Edenred Asia-Pacific. “In view of this challenge, Laurent Gachet, previously Chief Financial Officer, Edenred Brazil, has been chosen to head our operations in Japan. His mission is to develop our solutions in a local market that still has a very low penetration rate.”
Edenred strengthens its positions in Brazil
The acquisition of Comprocard in Brazil enables Edenred to consolidate its leadership position in prepaid service vouchers in a strategic country with a fast-growing economy. With approximately 4,000 clients and annual issue volume of around €100 million, Comprocard is the food voucher market leader in the oilproducing state of Espirito Santo.
“Brazil, which is Edenred’s largest market, still has strong growth potential for the Group,” said Oswaldo Melantonio Filho, Chief Operating Officer, Edenred Brazil.
“With double-digit growth in first-quarter issue volume, business is very dynamic in all our families of solutions. The purpose of the acquisition is to consolidate our leadership position and increase our presence in a region where the economy is booming.”
The two transactions were based on an enterprise value of €28 million for Barclay Vouchers and €24 million for Comprocard