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Monday, September 26, 2022
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CMS steers Playtomic´s acquisition of GoCourts

CMS Albiñana & Suárez de Lezo has advised Spanish startup Playtomic, which rents racket sports courts through a mobile phone app, on the purchase of its rival in Germany, Switzerland and Austria GotCourts

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Playtomic, headquartered in Madrid, has expanded along with an exponential rise in popularity of padel, and currently is present in 34 countries worldwide, with more than a million active users. In December 2021, the company raised €56 million in a funding round led by GP Bullhound, and it has carried out a series of acquisitions of smaller racket-sport platforms in the past two years in order to create positive network effects for players and venues.

Through the acquisition and a €56 million funding round in December, Playtomic reached a valuation of more than €200 million.

GotCourts, which was founded in 2013, grew to become the market leader for racket sports in Switzerland, Germany and Austria with a focus on tennis. It recently expanded into running a national tennis competition for enthusiast players, the GotCourts League. Since its founding, GotCourts received funding from venture capital firms Verve Ventures, Swiss Founders Fund, Fourtyone Group and Indigo Capital Partners as well as pro tennis players and angel investors.

The deal provides Playtomic with a strong foothold in the largest market for tennis in Europe – Germany – and will allow the Spanish company to address an expected surge in popularity of Padel in the region. The GotCourts team, led by Diego Seitz and co-founder Cédric Escher, will join Playtomic as a new regional office and continue to drive the expansion in the key markets Switzerland, Germany and Austria.

“We have been following GotCourts over the years and were impressed by the progress of the team around Diego. In addition to bringing together a larger racket-sports community, GotCourts’ capabilities in the digitalisation of tennis and in innovative competition formats will add new opportunities to serve players and venues in all our markets globally.”

Felix Ruiz, Co-CEO of Playtomic

The startup has earlier received funding from venture capital firms Verve Ventures, Swiss Founders Fund, Fourtyone Group and Indigo Capital Partners as well as pro tennis players and angel investors.

CMS Spain´s team was formed by Public Law & Regulated sectors partner Alfonso Codes, Corporate/M&A partner Carlos Peña and Corporate/M&A lawyer Jose Luis Rodríguez Ontiveros, working along with CMS Switzerland.

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