Up Group, the French market leader in employee wellness services, has acquired a controlling stake in the largest pan-Baltic employee wellness benefit platform Stebby. As part of the transaction, the current majority owner, Livonia Partners, will exit, and the management will continue to run the company alongside a new partner.

Founded in 2012, Stebby provides a software service platform for companies to manage their employee wellness benefits and helps employees access these benefits conveniently. With 180 000 users and 48 employees across the Baltics, Stebby is the market leader having entered Latvia and Lithuania in 2020.

Pan-Baltic private equity investment firm Livonia Partners, along with the management team Kristjan Novitski, Erik Oja and Egon Orav invested in Stebby in 2022. “Stebby is a great example of Livonia supporting established management teams in buying companies. It has been a strong growth story and the employee wellness benefits market is still in its infancy in the Baltics, so we were thrilled for Up Group’s interest and vision,” said Maarja Pärs, Investment Director at Livonia Partners.

French company Up Group is an industry leader generating €759 million revenues yearly and operating in over 23 countries. The company employs 3,122 people worldwide.

“This operation will enable us to gain a broader foothold in Europe, and in the Baltic States in particular. It allows us to strengthen our sports and leisure activities, as we are doing with Fitpass in Serbia and Actobi (UpSport&Loisirs) in France,” explained Julien Anglade UpCoop’s CEO.

Transaction details were not disclosed.

Are you interested in trading with Estonia? Enterprise Estonia is providing sourcing services for foreign enterprises. Contact Estonian export advisors or use our free e-consulting service to start trade with Estonia.