New Spanish M&A operation: Covermanager merges with French Zenchef and PSG fund takes control

The 'private equity' fund PSG will be the majority shareholder of the holding company created to control both companies, and the CEO will be that of the French startup.

[Disclaimer: the first version of this note included the word 'exit' in the headline. I have updated it to be more precise about the nature of the financial move, including that it is an M&A operation]

• Covermanager changes hands. The company, originally from Seville and dedicated to developing software for restaurant and reservation management, will become part of the holding created by the private equity fund where the brands of both companies will be maintained.

• The price and terms have not been made public. Only that PSG will remain the majority shareholder. Neither party has specified whether there has been any consideration or if it has allowed for any partial sale to Spanish shareholders.

• GP Bullhound, a significant shareholder in the company, states in a press release: “We will continue to be partners of the combined entity and will continue to support the business in its next stage of growth”.

• The Seville-based company had raised over 50 million dollars in various rounds and counted Félix Ruiz, co-founder of Tuenti and Playtomic, GP Bullhound fund, and Alia Capital Partners among its shareholders. The American fund —with a strong presence in Spain— FJ Labs also had a presence.

• The CEO of the new company resulting from the merger will be Zenchef's chief executive, Thomas Jeanjean. The transaction is expected to close during the third quarter of 2025.

• Both companies will continue to operate under their respective brands and will maintain their current headquarters (Paris and Seville) “to ensure operational continuity for their clients and partners”.