Edenred Relinquishes Control of Pay North America Subsidiary to Abry Partners for $75 Million

A $75 Million Investment from Abry Partners

As part of this partnership, Abry Partners is providing $75 million in cash and has been granted conversion rights corresponding to a minimum equity value of $375 million for Edenred Pay North America. This structure positions Abry Partners to lead the next phase of platform development, specializing in virtual card issuance, payment integration on third-party platforms, and multi-scheme payment network management. Edenred will receive the $75 million in cash and will maintain exposure to the value creation potential of the subsidiary alongside Abry Partners, with its stake now accounted for using the equity method.

A Rationalization of Strategic Portfolio

This transaction is part of Edenred's portfolio rationalization, allowing the group to strengthen its focus on core activities. Edenred Pay North America represented approximately 1% of the group's EBITDA in 2025. Since its acquisition in 2018, Edenred has integrated several payment capabilities initially developed by this subsidiary into its PayTech platform, benefits that now support the group's core operations. This partnership aligns with the Amplify 25-28 strategic plan, which targets profitable and sustainable long-term growth.

Abry Partners Bets on Platform Acceleration

Abry Partners justifies its involvement through recognized expertise in supporting fintech companies and software publishers in the United States. According to Nicolas Massard, co-head of the Senior Equity division at Abry Partners, the partnership should contribute to the platform's strategic ambitions and unlock the potential of this asset. Rashard Green, Principal at Abry Partners, believes that Edenred Pay North America can accelerate its organic and external growth through targeted investments while maintaining strong value delivery to its customers.