Majority stake in fuel card business to be acquired for £95m

An 80% stake in a Leeds-based fuel card program business is to be acquired in a deal worth £95m deal.

French firm Edenred is expected to complete the purchase of The Right Fuelcard Company (TRFC) from Rontec and the Bayford group by early 2019, subject to the approval of the UK competition authority.

The TRFC group, based in Leeds and Glasgow, is expected to generate more than £11m in EBITDA in 2018.

The company’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.

Antoine Dumurgier, chief operating officer, fleet & mobility solutions at Edenred, said: “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.”

Adam Walsh, managing director of The Right Fuelcard Company, added: “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.”

Listed on the Euronext Paris stock exchange and part of the CAC Next 20 index, Edenred operates in 45 countries, with close to 8,000 employees.

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