Italglobal Partners exits Easy Welfare in €53m deal

The deal gives the company an enterprise value of €53m.

In addition to Italglobal's 23% stake, Edenred also bought a minority holding owned by Injection Capital, as well as the majority stake controlled by the company's founders, becoming the sole shareholder in the business.

The transaction will enable Edenred Italy, which operates in the local employee benefits market, to further enlarge its customer base, improve its offering and expand its flexible benefits digital platform.

Italglobal Partners bought a 23% stake in Easy Welfare in 2014. Under the firm's ownership, the company grew from a turnover of €3m in 2014 to €11m last year.

Company
Founded in 2006 and based in Milan, Easy Welfare offers an employee engagement platform that allows companies to provide their employees with a number of benefits, including gift cards and vouchers within a network of retailers. The company has around 600,000 users and generated revenues of €11m in 2018.

People
Edenred – Arnaud Erulin (chief operating officer, Middle East and Africa).
Easy Welfare – Federico Isenburg (founder).

Advisers
Vendors – Fineurop Soditic (corporate finance).

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