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Owner looks for $1 billion plus sale of Fitness and Lifestyle Group
Quadrant Private Equity, the owner of the Fitness and Lifestyle Group, is reportedly offering the fitness giant for sale through investment banks UBS and Citi.
The buyout fund, which pulled together the Goodlife, Fitness First Australia and Jetts brands to create the Fitness and Lifestyle Group (FLG) in 2016, and has since acquired other operators including Zap Fitness, Go Health Clubs and the Vietnam-based CMG Asia.
Media reports indicate that FLG, which has EBITDA of about $200 million a year, and is now ranked as one of the 10 global gyms businesses, could be sold for an amount in excess of $1 billion, with the Australian Financial Review suggesting a sale price of as much as $1.5 billion.
While FLG is best known for its domestic fitness brands, its recent expansion in south east Asia sees it now operating the top fitness brand in Vietnam's developing market, and the second placed gym group in Thailand.
According to The Australian, Quadrant is also looking to sell its tourism company Experience Australia, the Rockpool Dining Group and Qscan Radiology Clinics businesses.
Experience Australia was formed when Quadrant purchased Great Southern Rail, which owns and operates the transcontinental Ghan and Indian Pacific rail businesses, and later the Cruise Whitsundays and Rottnest Express marine tourism businesses, creating the foundation for a new experimental tourism company, Journey Beyond.
Image: Fitness and Lifestyle Group partnered with filmstar Chris Hemsworth to launch the Centr fitness app earlier this year.
29th January 2019 - Report suggests Fitness and Lifestyle Group buys CMG Asia for $200 million
5th January 2018 - Fitness and Lifestyle Group acquires Tasmanian-based Zap Fitness
15th November 2017 - Quadrant to back Timezone Group’s accelerated growth plan
27th October 2017 - Fitness and Lifestyle Group acquires Go Health Clubs
3rd September 2017 - Adventure travel experts launch epic Tasmanian journey
2nd December 2016 - ACCC will not oppose Quadrant’s Fitness First acquisition
25th October 2016 - Fitness First clubs to begin 24/7 operations
29th September 2016 - Quadrant expands wellness empire with acquisition of Fitness First Australia
18th September 2016 - Quadrant Private Equity adds Jetts to fitness sector acquisitions in $100 million deal
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