July 19 (SeeNews) - French employee benefit company Up Group has acquired a stake in the capital of Serbia-based company Emergo Sport, owner of gym cards service FitPass, Emergo Sport said.
By investing in FitPass, Up Group is expanding its offer of services, and adds sport to the benefits in the field of food, recreation, cultural and artistic activities it is currently offering, Emergo Sport said in a blog post published on the website of the gym cards service.
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The company did not disclose the size of the stake or the value of the transaction but according to data from Serbia's business register, C.D Holding Internationale, a subsidiary of Up Group, currently owns 20% interest in Emergo Sport.
Up Group plans to offer FitPass to its base of hundreds of thousands of companies, as this will improve the status of employees and increase the percentage of their retention in employment. The FitPass benefit will be presented at the very start in five countries, Emergo Sport said.
"Investing in FitPass is in perfect harmony with our main strategic priorities: diversifying our offer and consolidating our international presence. This solution, which allows access to physical activity, especially when talking about the employer's attitude towards its employees, is a response to the expectations of our clients and beneficiaries," the CEO of Up Group, Youssef Achour, noted.
FitPass has a dominant position in the markets of Serbia, Bosnia and Herzegovina and Georgia and will now be able to develop even more rapidly through the financial, operational and educational support of the French partner, Emergo Sport said.