Legance and Orrick for Gymondo’s acquisition of Buddyfit
German online fitness operator Gymondo, since 2020 in the portfolio of private equity fund Oakley Capital, enters the Italian and Spanish markets with the acquisition of Buddyfit, company founded in 2020 by Giovanni Ciferri, Stefano Manzoni and Stefano Cortese.
Headquartered in Genoa, Buddyfit offers online fitness classes, workout programs and nutritional plans and has grown significantly in recent years, thanks in part to the support of leading players such as Azimut Digitech, CDP Venture Capital, RCS MediaGroup and Cairo Communication, starting in the Italian market and rapidly expanding to gain significant market share in Spain as well.
The integration of Buddyfit, which follows the acquisition of 7Mind last December, positions Gymondo as a leading European platform in the online fitness and wellness market, which is estimated to be worth more than 3 billion euros in the major markets of Germany, Italy and Spain by 2027.
The sellers were assisted by Orrick. Oakley Capital and Gymondo were advised by Kirkland & Ellis (lead), Legance, and KNPZ.
Legance acted with a team led by Sven von Mensenkampff (PICTURED) and composed of Paolo Guaragnella and Marco Cardello for M&A activities, Lucio Scudiero and Francesca Ferrari for data protection profiles, Carlo Corazzini for TMT aspects, and Marco D’Agostini, Daniele Dellacasa and Francesco Venturi for labor profiles.
The Orrick team that assisted Buddyfit, coordinated by partner Attilio Mazzilli, head of Orrick Italy and head of the Italian Technology Companies Group, was composed of partners Carsten Bernauer Christopher Sprado and Johannes Josef Rüberg for corporate aspects under German law; partners Nico Neukam and Stefan Schultes-Schnitzlein, for tax aspects under German law; senior associate Ginevra Rebecchini, attorney Claudia Cirinà, trainees Camilla Larcher and Eugenia Arrigoni for corporate aspects under Italian law, partner Flavio Notari for tax aspects under Italian law, assisted by of counsel Andrea Mezzetti and Caterina Chiari for data protection aspects and partner Mario Scofferi for labor law aspects.
