Epassi Group (Epassi), a digital employee benefit payments platform in the Nordics, UK and Italy, has completed its strategic acquisition of Exercite, a provider of corporate health and wellness benefit solutions in Germany and the Netherlands. The transaction follows the simultaneous completion of a majority investment in Epassi from TA Associates (TA) and Warburg Pincus LLC (Warburg Pincus).
Established in 2004, Exercite operates across four brands, including Hansefit, a leading corporate health and wellness network provider in Germany; Bedrijfsfitness Nederland (BFNL) and Workit, two leading corporate health and wellness network providers in the Netherlands; and Fitbase, a provider of online, digital wellbeing courses based in Germany. Together, the brands provide access to a large network of gyms, fitness studios, swimming pools, spa services and physiotherapist centers to more than 2.5 million employees, alongside an array of digital offerings in mindfulness, sports and wellbeing.
Terms of the transactions were not disclosed. The Exercite transaction is subject to customary closing conditions. Goodwin, Kirkland & Ellis and Paul Weiss advised TA and Warburg Pincus on the acquisition of Epassi and the combination with Exercite. Hengeler Mueller advised Waterland. Jens Pracht, founder of Hansefit, was advised by Blaum Dettmers Rabstein
