Up Group, the global service vouchers company, acquires Vale Mais, the Brazilian issuer of food, meals and gasoline cards. This is the second investment in Brazil in less than a year for Up group, after the takeover of Plan Vale, now UpPlan, in June 2015. This investment is part of the group’s strategy of geographical development.
Established in 2001 by Irany de Paula Vargas Junior, Vale Mais is now the regional leader for issuing food, meals and gasoline vouchers in the State of Espírito Santo (South East Brazil). Vale Mais enjoys a strong brand image in the region with 420 million Reals (EUR 100 million) in business volume in 2015. Its 71 employees are based mainly in Victoria (Espírito Santo).
Vale Mais service vouchers are used daily by 150 000 users, and are accepted in a private network of 7,000 affiliated merchants, in the States of Espírito Santo and Bahia.
Vale Mais’ acquisition system (payment terminals), POS and network are all completely private, which gives the company full management of the value chain.
Alongside UpPlan, located in the States of Sao Paulo and Rio de Janeiro, Vale Mais is now strengthening Up Group’s presence in the key Brazilian southeastern region, which accounts for 70% of the country’s GDP.
« The acquisition of Vale Mais is part of Up Group’s development plan in Latin America, a major focus of its strategic project for 2018. That is why Up Group is pleased with this acquisition and is very happy to welcome the 71 Vale Mais employees into its teams. »