Rosenblatt acts for Rontec and Bayford on the sale of an 80 per cent. shareholding in The Right Fuelcard Company Limited
23rd January 2019
Rosenblatt has acted for the Rontec group and the Bayford group in respect of the sale of an 80 per cent. shareholding in The Right Fuelcard Company Limited, a prominent reseller of fuel cards in the U.K. The purchaser, Edenred Fleet and Mobility SAS (a French company), is a subsidiary of Edenred S.A., a company listed on the Paris Euronext stock exchange with a focus on providing transactional solutions for companies, employees and merchants throughout the world.
Completion of the transaction took place on 4 January 2019 following the satisfaction of certain conditions, the principal of which related to obtaining approval in respect of the transaction from the U.K. Competition and Markets Authority.
The Rosenblatt team was led by Jon Lovitt (Corporate Partner), who was assisted by Matthew Bowen (Corporate Solicitor).
Commenting on the transaction, Adam Walsh, managing director of The Right Fuelcard Company Limited, said, “We are very pleased to join Edenred, a fast growing global group that has rapidly risen become a front-ranking player in the fleet and mobility sector. Coupled with the know-how of our teams, Edenred’s leadership in terms of innovation and technology will help accelerate TRFC‘s growth in the UK market.”
Thanking the Rosenblatt team for their efforts in respect of the transaction, Alan Goldman, a director and senior figure within the Rontec group, said, “Thank you to Matthew and Jon for the supreme effort from both of you to get this done. The process to get here [completion] went very smoothly for a fairly complex transaction due to the good-humoured approach shown by our “home team” throughout. In addition, Jonathan Turner, CEO of the Bayford group, commented, “Many thanks for the hard work and sensible approach yourself [Jon] and Matthew have taken all along. You have both done a great job for us and I have enjoyed working with you on this transaction.”