Edenred, a provider of employee services to corporations, has agreed to increase its stake in ProwebCE, a France-based local provider of communication and management services for works councils.
Corporate-backed venture firm Iris Capital and Edmond de Rothschild Investment Partners will sell their stakes to Edenred, in the process exiting ProwebCE, in which they imvested alongside Edenred in 2012.
The 2012 investment was part of a reorganisation through which ProwebCE’s majority stakeholder, ProwebClub, wholly acquired the company. Edenred is being supported in the latest transaction by ProwebCE founder Patrice Thiry, who launched the company in 2000, and Groupe Alpha.
ProwebCE has doubled its revenue and trebled its earnings since 2012. The company’s clients include financial institutions BNP Paribas and HSBC as well as telecommunications company Orange and luxury goods producer Chanel.
Iris Capital manages funds on behalf of Orange and advertising agency Publicis.