Top 50 Indie Rontec, together with Bayford Group, has sold a controlling interest in a fuel card business to a French company.
Edenred, which specialises in prepaid corporate services, has signed an agreement to acquire 80% of the share capital of The Right Fuelcard Company (TRFC) group, which has 27,000 corporate clients in the UK.
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 acquisition of 80% of the TRFC group’s share capital from Rontec and the Bayford group will represent an outlay of around £95m. Following the transaction, Rontec and the Bayford Group will each hold 10% of the TRFC group’s share capital.
The transaction is forecast for completion by early 2019, subject to the approval of the UK competition authority.
Antoine Dumurgier, chief operating officer, fleet and mobility solutions at Edenred, commented: “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 recognised expertise and solid market positioning, will open up great opportunities for growth and profitability.”
Adam Walsh, managing director of The Right Fuel Card Company, said: “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.”