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The French Group Sodexo Purchases Gymforless, a Startup From Barcelona
Manubens Abogados, has advised the partners of the startup GymForLess, throughout the process of selling their shares to the multinational Sodexo.
A few months ago GymForLess was working in a financing round when they happen to meet Sodexo, and they raised their interest.
The professional intervention of MANUBENS began with the first conversations between the partners and Sodexo, and it went on throughout all the negotiations between both companies until the final signature of the contract of sale by the 36 partners of the startup.
During the negotiation process, all the peculiarities and controversial aspects of the special idiosyncrasy and structuring of many startups and those resulting from this type of transactions were resolved, in particular:
- the existence of many different types of partners (investors, managers, technicians, employees, collaborators, etc.).
- the fact that the buyer requires the most qualified technical staff to stay in the company, and
- the necessary negotiation of the different concerns and interests in the deal, not only between the buyer and the sellers, but also between the sellers themselves.
GymForLess was founded in 2014, it has a staff of 12 people and it manages the G4L Club product that allows access to more than 1,000 gyms and sports centers throughout Spain for consumers and employees of different companies. It has more than 200,000 users in this country and its headquarters are located in Barcelona. Its corporate channel represents 60% of the business.
Sodexo is a multinational company that operates in five markets in Europe with sport and wellness offers and provides services to corporate and government employees and has more than 100 million customers worldwide.
This alliance is the result of Sodexo`s will to add sports activities to its portfolio of services for the employees of its clients and responds to its interest in finding a partner like GymForLess, who is dynamic and a leader in technology, in order to create synergies concerning the portfolio without undermining the dynamism of GymForLess, and respecting its independence which will continue to operate autonomously.
Press Release from the Agreement:
Marriages of convenience between large and small companies are increasingly common in the entrepreneurial ecosystem. This time it is a newborn, GymForLess, which has been acquired by Sodexo, a multinational service company for corporate and government employees with more than 100 million customers worldwide.
"A few months ago we were working in a financing round when we happen to meet Sodexo. They raised their interest. They already worked with gym passes in other countries and we thought that selling our company to them could be the best opportunity for the project to grow and thus neutralize our competitors." explains Oriol Vinzia, CEO of GymForLess.
This startup was born in 2014 and it has a staff of 12 people. Through its product G4L Club the company allows access to more than 1,000 gyms and sports centers in Spain for consumers and employees of different companies. It has 200,000 users (20,000 active) and its headquarters are located in Barcelona. Its corporate channel represents 60% of the business. "This business deal is an opportunity to exponentially increase the sale of our services to companies", explains Vinzia, whose main goal at present is to consolidate his brand in Spain.
This alliance is the result of Sodexo's will to add sports activities to its portfolio of services for the employees of its clients. For Miriam Martín, Marketing Director of Sodexo BI, the purchase of this startup is a response to human resources managers, who seek to expand their portfolio of services. "Sodexo operates in five markets in Europe with sport and wellness offers. The decision of buying a startup responds to our interest in finding a partner who is dynamic and a leader in technology ", explains Marín. She also points out that this purchase agreement respects the independence of GymForLess which will continue to operate autonomously: "It is not a corporate takeover, Oriol Vinzia will continue to be the CEO, the only interest is to create synergies concerning the portfolio without undermining the dynamism of the startup company".
Manubens Abogados is a multidisciplinary law firm having a clear national and international scope, specializing in providing all kinds of clients with a full range of services. Manubens Abogados offers high quality advice and excellence to the clients. His deep knowledge of the areas of work and the experience accumulated during years of active and dynamic exercise of the profession, has allowed Manubens to offer safe, reliable and innovative legal solution, with a high added value in all disciplines.