Edenred Relinquishes Control of Pay North America Subsidiary to Abry Partners for $75 Million
On July 31, 2026, Edenred announced a strategic partnership with Abry Partners, a North American investment firm specializing in fintech and enterprise software. Abry Partners will invest $75 million in cash to support the development of Edenred Pay North America, a leading B2B payment automation platform in the United States.
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.
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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.
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Context
Period
Period: 3T 2025
Guidance from the release
Edenred confirme la solidité de son modèle économique et réaffirme ses objectifs 2025, visant au moins 10 % de croissance organique de l’EBITDA et un taux de conversion Free-cash-flow/EBITDA supérieur à 70 %.
Croissance organique accélérée au T3 2025 (+8,2 % chiffre d’affaires opérationnel) portée par toutes les lignes de métier, forte dynamique en Amérique latine et amélioration en Europe; Mobilité en croissance à deux chiffres; Solutions complémentaires en repli. Effets de change négatifs et impact réglementaire en Italie (plafonnement commissions) anticipés.
Risks mentioned
Impact négatif attendu de 60 millions d’euros d’EBITDA lié au plafonnement des commissions marchands en Italie
Effets de change défavorables (dépréciation des devises en Amérique latine, notamment réal brésilien et peso mexicain)
Environnement macroéconomique incertain pouvant affecter la consommation et la demande
Opportunities identified
Hausses des valeurs faciales des titres-restaurant dans plusieurs pays (ex. Belgique +25% à partir du 1er janvier 2026) soutenant la croissance organique
Partenariats stratégiques (Visa, Esso, grand distributeur de carburant) renforçant l’offre et l’accès au marché
Déploiement des solutions Beyond Food et Beyond Fuel et conquête du segment PME encore sous-pénétré
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
