The owners of the dating platform LOVOO have exited the company to US competitor The Meet Group. The transaction was based an enterprise value of USD 70 million (thereof USD 5 million as earn-out).
Founded in 2012, LOVOO GmbH is one of the most popular dating platforms in Germany, Austria, and Switzerland with 60 million registered and 1.9 million daily active users. The app is also one of the market leaders in France, Spain and Italy. The company employs a total of 97 full-time employees at its headquarters in Dresden and its branch office in Berlin.
The Meet Group, Inc., headquartered in New Hope, Philadelphia, is a NASDAQ-listed company with a portfolio of dating platforms and has, over the past 12 months, already completed two major acquisitions with If(we), the company that operates the Hi5 and Tagged social networks, and the international dating and network platform Skout.
LACORE provided critical advice to the target company LOVOO GmbH in the prior structured sales process as well as in the negotiations and the documentation with a team around Daniel Annoff (Venture Vapital/M&A), Matthias Braun (IP), Magda Grünenwald (Data Protection) and Dr. Ralf Vogt (Employment Law).
The investment vehicle of the eight founders, BAWOGO Ventures GmbH & Co. KG, which had continued to hold all shares in LOVOO GmbH until now, was advised in cooperation with LACORE by Daniel Gubitz and Andreas Scheidle of Munich and London based law firm GLNS; the acquirer The Meet Group, Inc. was advised by a team around Dr. Ulrich Korth of the Frankfurt, Washington and Philadelphia offices of law firm Morgan Lewis.