July 18 (SeeNews) - French-owned catering and corporate services provider Sodexo Romania said on Tuesday it has become the majority shareholder of corporate sport and wellness subscriptions provider Benefit Seven.
Sodexo Romania acquired 40% of Benefit Seven for an undisclosed sum, after buying another 20% in February last year, it said in a press release.
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The three co-founders of Benefit Seven - Andrei Cretu, Iulian Carciumaru and Catalin Ivascu - will remain in the company's management.
"The decision to acquire the majority stake in Benefit Seven is a natural step in the development of the Sodexo portfolio of solutions for quality of life," Sodexo Romania CEO Sven Marinus said.
Benefit Seven was founded in 2011 and provides sport and wellness subscriptions for employees under the 7Card brand. It provides services to over 900 companies and has over 25,000 active subscribers.
Its net profit surged 85% to 69,651 lei ($17,500/15,300 euro) in 2016, while turnover was up 60% year-on-year to 11.8 million lei, data posted on the finance ministry's website showed.
Sodexo has been present in Romania since 2008 with Sodexo Pass Romania – Benefits& Rewards Services. It employs 1,470 in Romania and and offers a wide range of quality of life services.
(1 euro=4.5595 lei)