Up Group (formerly Groupe Chèque Déjeuner) continues its development in Latin America by setting up in Brazil. The Group has acquired Planvale, an emerging player in the prepaid vouchers market in the State of Sao Paulo. This acquisition gives Up Group a new dimension by expanding its business footprint on the American continent.
Up Group, a global leader in service vouchers, was already present in Latin America through its Mexican subsidiary Si Vale. The acquisition of Planvale reinforces the Group’s presence outside of Europe, thereby confirming its strategy of international expansion.
Planvale, an independent company established in 1999 and operating in the State of Sao Paulo and surroundings, boasts an expertise in two areas: services vouchers (food cards, gift cards, transportation, culture, corporate, etc.) and card refills for public transport and telephones.
Up Group has acquired 100% of the capital of Planvale from its two founders, Paulo Loffreda and Sergio Mota, who will continue to support the Group for two years.
Planvale has enjoyed steady growth, which will reach 25% by 2015. Its volume of business was EUR 490 million in 2014. Planvale processes 25 million transactions annually for 250 000 users, in a network of 60 000 affiliate retailers and with 700 000 cards in circulation.
Operating in 17 countries, Up Group is the only independent group in its market. The Group sells products and services facilitating access to food, culture, leisure, education, home support, social aid, but also supporting companies for business expense management or contributing to incentive and loyalty programs.
The acquisition of Planvale is part of Up Group’s global development plan, which is a major focus in its strategic project for 2018. This is why Up Group is pleased with this acquisition, and is very happy to welcome the 130 employees of Planvale in its teams.