Paris, June 27, 2024 – Up Group, a leading French company in the rewards and benefits sector, has announced its acquisition of Stebby, the largest pan-Baltic employee wellness benefit platform. This strategic move aims to enhance Up Group’s footprint in the Baltic region and bolster its offerings in sports and leisure activities.
Stebby, established in 2012, provides a comprehensive software service platform for managing employee wellness benefits. With 48 employees across the Baltics and 180,000 users, Stebby has positioned itself as a market leader, expanding into Latvia and Lithuania in 2020. The acquisition marks a significant exit for Livonia Partners, who, along with management, invested in Stebby in 2022.
Julien Anglade, CEO of UpCoop, expressed enthusiasm about the acquisition, stating, “This operation will enable us to gain a broader foothold in Europe, and in the Baltic region. It allows us to strengthen our sports and leisure activities, as we are doing with Fitpass in Serbia, Georgia, Moldavia and Greece and Actobi (UpSport&Loisirs) in France.”
Maarja Pärs, Investment Director at Livonia Partners, highlighted the success of their partnership with Stebby, saying, “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.”
Kristjan Novitski, CEO of Stebby, also shared his excitement about the new chapter for Stebby, “We are ever grateful for Livonia’s support in spreading the Voice of Wellness and bringing Stebby to the next level in the past two years, and we are beyond excited about the new partnership with one of the leading global employee benefit providers.”
Up Group, which generated €759 million in revenues in 2023, operates in over 23 countries, creating social and local impact payment solutions and services that enhance the quality of life for employees and citizens. This acquisition underscores Up Group’s commitment to expanding its influence and delivering innovative wellness solutions across Europe.
