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Press release

Development 27 November 2018

Edenred enters the UK Fleet and Mobility solutions market, one of the largest in Europe

Edenred, the world leader in transactional solutions for companies, employees and merchants, today announced the signing of an agreement to acquire 80% of the share capital of The Right Fuelcard Company (TRFC) group, the number four fuel card program manager in the United Kingdom. By expanding into the UK market, one of the largest in Europe, Edenred is consolidating its position as a global provider of fleet and mobility solutions in line with its Fast Forward strategy.

With the acquisition of the TRFC group – a company that helps 27,000 corporate clients in the United Kingdom optimize the management of their heavy and light vehicle fleets – Edenred is establishing a foothold in a major European fuel card market. The TRFC group’s 150,000 cardholders can fill up at 90% of UK service stations using monobrand fuel cards, such as the euroShell and BP Plus cards, or multibrand cards, which provide access to independent and supermarket-based fuel retailers. The TRFC group, based in Leeds and Glasgow, is expected to generate more than £11 million in EBITDA in 2018.

Each year, companies consume more than 19 billion liters of fuel to keep their fleets on the road in the United Kingdom, making the country one of the main markets in Europe, along with France and Germany. The transaction marks a major new milestone for Edenred, rounding out the Group's Europe-wide footprint in fleet and mobility solutions.

The acquisition of 80% of the TRFC group’s share capital from Rontec and the Bayford group  will represent an outlay of around £95 million and will be accretive to EBIT and net profit, Group share from 2019. The transaction is forecast for completion by early 2019, subject to the approval of the UK competition authority. 

We are delighted about this transaction, which will enable Edenred to continue expanding in the field of fleet and mobility solutions by directly giving us pride of place in one of Europe’s largest markets. The acquisition of The Right Fuelcard Company, with its widely recognized expertise and solid market positioning, will open up great opportunities for growth and profitability,said Antoine Dumurgier, Chief Operating Officer, Fleet & Mobility Solutions at Edenred.
 
We are very pleased to join Edenred, a fast-growing global group that has rapidly risen to become a front-ranking player in the fleet and mobility sector. Coupled with the know-how of our teams, Edenred’s leadership in terms of innovation and technology will help accelerate TRFC’s growth in the UK market,said Adam Walsh, Managing Director of The Right Fuelcard Company.

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1 Following the transaction, Rontec and the Bayford group, specialists in the service station management and fuel distribution industries in the United Kingdom, will each hold 10% of the TRFC group’s share capital.

 

Visit The Right Fuelcard Co website

About

Edenred is a leading digital platform for services and payments and the everyday companion for people at work, connecting more than 60 million users and more than 2 million partner merchants in 45 countries via close to 1 million corporate clients.

Edenred offers specific-purpose payment solutions for food (such as meal benefits), engagement (such as gift cards and engagement platforms), mobility (such as multi-energy solutions, including EV charging, maintenance, toll and parking) and corporate payments (such as virtual cards). 

True to the Group’s purpose, “Enrich connections. For good.”, these solutions enhance users’ well-being and purchasing power. They improve companies’ attractiveness and efficiency,and vitalize the employment market and the local economy. They also foster access to healthier food, more environmentally friendly products and sustainable mobility.

Edenred’s 12,000 employees are committed to making the world of work a connected ecosystem that is safer, more efficient and more responsible every day.

In 2023, thanks to its global technology assets, the Group managed €41 billion in business volume, primarily carried out via mobile applications, online platforms and cards.

Edenred is listed on the Euronext Paris stock exchange and included in the following indices: CAC 40, CAC 40 ESG, CAC Large 60, Euronext 100, Euronext Tech Leaders, FTSE4Good and MSCI Europe.

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