[Acquisition] Up Group achieves strategic partnership in Brazil
Up Group (formerly Groupe Chèque Déjeuner), the global service vouchers company, has finalized its third acquisition in Brazil in less than a year with the purchase of Policard.
This investment is in line with earlier investments initiated in June 2015 with Plan Vale and continued in January 2016 with Vale Mais. This acquisition establishes a strategic partnership by opening the capital of its Brazilian Holding to the former shareholders of Policard within a limit of 40%. Up Group is now the fourth issuer in Brazil with 5% market share.
Policard enjoys strong recognition in Brazil
Created by Humberto Carneiro in 1995 and largest independent issuer in Brazil, Policard
http://www.policard.com.br/) is now one of the leaders in the market. With a strong presence in the Brazilian Northeast and Southeast regions, Policard offers service cards (food, travel, culture, gifts...), advance on salary cards, corporate activities cards (business expenses, gasoline, logistics management providing biometrics and automotive fleets tracking tools...) and services to unbanked populations.
Policard enjoys a strong brand image with a total business volume of more than 3.3 billion euros. Policard vouchers are used daily by 230 000 users, with a private acceptance network of 120 000 affiliate merchants. Policard’s unique feature is its ownership of 10 000 terminals, enabling the company to control the complete value chain to benefit its 5 200 customers and its merchants. Policard has 330 employees in Brazil, mainly in the Southeast and Northeast regions which represent 60% of the Brazilian GDP.
Consolidation of a comprehensive Up group offer in Brazil
With this third acquisition in less than a year, Up Group is pursuing the deployment of its comprehensive offer in Brazil. Up Group has become the country’s fourth issuer with 600 million euros in business volume in 2015 in its historical servcies, 370 million euros from card recharges and 3.9 billion euros from services for unbanked individuals. Up Group now employs 540 people and services 500 000 card users, 11 000 clients and 160 000 affiliated merchants.
« We are very pleased with this operation. The acquisition of Policard was our third in eight months in Brazil. It reflects the strong momentum of our group and its ability to rapidly implement its strategic decisions, in accordance with the Up 2018 plan. » Catherine Coupet, PDG du groupe Up