Edenred announces the acquisition of IP Gruppo api

Edenred has announced the signature of a partnership agreement with IP Gruppo api. Under the agreement, the employee benefits brand will acquire the Italian company's energy card business. This agreement should enable Edenred to establish itself as one of the key players in B2B mobility in Italy, while also strengthening the company's presence in this sector on a more global scale.

FACTS

• On March 26, Edenred announced the signature of a partnership with the Italian company IP Gruppo API.

• This partnership includes :

  • The acquisition of IP's entire energy card business;

  • A long-term fuel supply agreement with IP.

• Once the acquisition is complete, the Italian branch's customers will be able to benefit from Edenred's offerings, including electronic toll payment, VAT and tax reimbursement, and software to simplify fleet management.

• The combined strength of the two players should also enable them to play a greater role in Italy's ecological transition, in particular by encouraging the renewal of fleets with electric vehicles.

• The takeover is currently being examined by the relevant authorities and should be finalized in the third quarter of 2024, according to Edenred.

CHALLENGES

• Relying on a local benchmark: Founded in 1933, IP today boasts one of Italy's largest fuel and energy distribution networks. With a customer base of 50,000, the company manages almost 4,600 service stations, corresponding to around 20% of all service stations in Italy.

• Edenred takes over IP's flagship products: the Italian company has been developing its energy cards for several years, and now has a stronger presence in all regions of Italy. IP has succeeded in expanding the use of its "IP Plus" and "IP Plus fast" cards to the point where they are now recognized products among B2B energy cards.

• Becoming a leader in B2B mobility services in Italy: This operation aims to strengthen the mobility offering of Edenred UTA, the company's Italian branch. Thanks to this opportunity, the branch would become the second domestic player in Italy. Edenred also sees this move as a means of becoming the benchmark player in the transition of B2B fleets to electric vehicles.

MARKET PERSPECTIVE

• Edenred, also known as one of the world's leading mobility services companies, today offers over 90 different programs in Europe and Latin America. Its services are aimed at its 210,000 customers, who benefit from solutions offering efficient fleet management, cost optimization and carbon footprint reduction.

• Already in February, Edenred continued its commitment to the mobility sector by announcing the acquisition of the Danish platform Spirii. These two acquisitions are in line with Edenred's strategy of developing its B2B mobility offering, which mainly takes the form of acquisitions of successful companies in this field.