The Rise of Epassi: Acquiring Exercite to Revolutionize Employee Benefits and Wellness Programs

In a groundbreaking move, Epassi Group has announced the completion of its acquisition of Exercite from Waterland Private Equity. This strategic move positions Epassi Group as one of Europe's largest independent employee benefits providers, solidifying its position in the market and transforming the way companies approach employee wellness programs. The acquisition will enable Epassi Group to provide a comprehensive range of benefits to approximately 20,000 companies across seven countries in Europe. This article explores the significance of this acquisition and its potential impact on the employee benefits industry.

Epassi Group is a market leader for digital employee benefit payments in the Nordics, UK, and Italy. With a focus on promoting employee well-being and work-life balance, Epassi Group offers a user-friendly mobile platform that allows employees to access a wide range of benefits. By acquiring Exercite, a provider of corporate health and wellness benefit solutions in Germany and the Netherlands, Epassi Group expands its geographic footprint and enhances its capabilities to serve a larger customer base.

Exercite, established in 2004, operates across four brands: Hansefit, Bedrijfsfitness Nederland (BFNL), Workit, and Fitbase. These brands provide access to a vast network of gyms, fitness studios, swimming pools, spa services, and physiotherapy centers. Through Exercite's digital offerings in mindfulness, sports, and well-being, more than 2.5 million employees can enjoy a holistic approach to their physical and mental health. By integrating Exercite's brands into its portfolio, Epassi Group will offer its customers an even more comprehensive range of benefits from over 74,000 merchants.

The acquisition of Exercite marks a significant milestone in Epassi Group's journey to become the leading pan-European multi-benefits provider. As companies strive to attract and retain top talent, employee benefits, including access to health and wellness solutions, have become increasingly essential. Epassi Group recognizes this trend and aims to address it by offering an extensive range of benefits that contribute to employees' work-life balance and overall well-being.

By partnering with TA Associates and Warburg Pincus, two leading global private equity firms focused on growth investing, Epassi Group aims to accelerate its growth and further solidify its position in the market. The collaboration between Epassi Group, Exercite, TA Associates, and Warburg Pincus creates a powerful synergy that will drive innovation and value creation across the platform. The expertise and resources brought by these partners will enable Epassi Group to continue its expansion and deliver lasting value to its customers.

The acquisition of Exercite also highlights the increasing importance of digital platforms in the employee benefits industry. Epassi Group's mobile tech and payment solutions provide a seamless and convenient experience for employees, allowing them to access and redeem benefits easily. With the integration of Exercite's digital health promotion services, Epassi Group further enhances its digital-first approach to employee benefits. This strategic move positions Epassi Group as a trailblazer fintech company and a leader in the Nordic countries and Europe.

The financial terms of the acquisition were not disclosed, but the completion of the Exercite transaction is subject to customary closing conditions. Goodwin, Kirkland & Ellis, and Paul Weiss advised TA Associates and Warburg Pincus on the acquisition of Epassi and the combination with Exercite. Hengeler Mueller advised Waterland, and Jens Pracht, founder of Hansefit, was advised by Blaum Dettmers Rabstein.

In conclusion, the acquisition of Exercite by Epassi Group represents a significant milestone in the employee benefits industry. By expanding its geographic footprint and portfolio of services, Epassi Group is well-positioned to become one of Europe's leading employee benefits providers. The integration of Exercite's brands and digital offerings will enable Epassi Group to address the rising demand for comprehensive benefits that promote employee well-being and work-life balance. This transformative acquisition sets the stage for continued growth and innovation in the employee benefits industry.