French Firm Up Group Acquires Estonian Wellness Platform Stebby

Up Group, the leading French provider of employee wellness services, has acquired a controlling stake in Stebby, the largest pan-Baltic employee wellness benefit platform. This transaction sees the exit of the current majority owner, Livonia Partners, while the management team will continue to run Stebby alongside their new partner.

Established in 2012, Stebby offers a software platform that enables companies to manage employee wellness benefits, making it easy for employees to access these perks. With 180,000 users and 48 employees across the Baltics, Stebby has firmly established itself as the market leader, expanding into Latvia and Lithuania in 2020.

Livonia Partners, a pan-Baltic private equity investment firm, along with Stebby’s management team members Kristjan Novitski, Erik Oja, and Egon Orav, invested in Stebby in 2022. "Stebby is a prime example of Livonia supporting established management teams in growing their companies. It has been a remarkable growth story, and with the employee wellness benefits market still in its early stages in the Baltics, we were excited by Up Group’s interest and vision," said Maarja Pärs, Investment Director at Livonia Partners.

Up Group, a French industry leader with annual revenues of €759 million, operates in over 23 countries and employs 3,122 people worldwide.

"This acquisition enables us to expand our presence in Europe, particularly in the Baltic States, and strengthens our offerings in sports and leisure activities, similar to our operations with Fitpass in Serbia and Actobi (UpSport&Loisirs) in France," explained Julien Anglade, CEO of Up Group.

This strategic move underscores Up Group’s commitment to broadening its reach and enhancing its portfolio of employee wellness services across Europe.