White & Case advises Pale Fire Capital on business combination of indoor cycling platform ROUVY with Zwift

Global law firm White & Case LLP advised Pale Fire Capital, a prominent Czech-based investment firm, and founders including Petr Samek, on the disposal of ROUVY, a leading indoor cycling and virtual training platform built on real-world routes, to California-based private company and leading global digital fitness platform Zwift.

The transaction demonstrates the strong business potential of virtual indoor cycling platforms. The business offers exposure to a high-growth segment where user engagement and recurring revenues have proven resilient even in uncertain macroeconomic environments. As a technology-focused investor, Pale Fire Capital has played a key role in supporting the app's digital innovation and its scaling to reach a global user base.

Pale Fire Capital is a Czech-based private equity and venture capital firm that supports technological innovation across a range of industries, with a particular focus on internet and technology. It has built a strong market presence through investments in tech companies such as Groupon, itrinity, Aukro and Munipolis.

The White & Case team which advised on the transaction was co-led by partners Caitlin Powell Gimpel (Milan & New York) and Petr Pánek (Prague) and local partner Jana Chwaszcz (Prague) and included partners Václav Žaloudek (Prague), David Dreier, Elodie Gal (both New York), Heather Greenfield (Washington, DC) and Samantha Rozell (Chicago), local partner Magda Olyšarová (Prague), counsel Isaac Tendler (New York) and Jakub Menčl (Prague) and associates Barbora Vaculová, Pavel Hrdý, Barbora Smékalová (all Prague), Sunrita Sen (Chicago), Mark Kim and Jacob Smith (both New York) and tax consultant Milan Horák (Prague).

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