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Quadrant Private Equity adds Jetts to fitness sector acquisitions in $100 million deal
Following on from its acquisition of Goodlife Health Clubs last month, private equity firm Quadrant has reportedly acquired 24/7 gym franchisor Jetts in a deal worth $100 million.
Revealed in the Australian Financial Review, the deal was agreed this afternoon (Sunday 18th September) with PWC Australia having advised Jetts and Ernst & Young and King & Wood Mallesons advising Quadrant.
Founded on the Gold Coast by Brendon Levenson and Mark Stocks in 2007, Jetts now has 270 clubs across Australia, New Zealand and the Netherlands – and more than 200,000 global members.
A leader in the 24/7 sector, Jetts offers easy access facilities that meet the needs of time starved consumers.
Characterised by the use of a proprietary 24/7 access system, Jetts Fitness clubs can be accessed by members at any time, day or night, even when the club is unattended by staff. 24 hour video surveillance and emergency assistance stations within each club provide a safe, convenient environment for all members.
Shortly after the launch of Jetts, Levenson explained “what we have created is the ultimate exercise experience for today’s market – never closed, with easy, close to home access, no crowds, no contracts and memberships at half the rate of traditional operators.”
Research conducted by the group prior to the launch of its franchised-clubs model indicated that many members at other clubs simply did not have time to use pools, steam rooms and the other services that members paid for oftern didn’t use. On top of that, Levenson saw that lengthy contracts and high pricing points created barriers to entry, limiting penetration rates and membership uptake in most metro and suburban markets across the country.
He explained “what we provide is the equipment that most people use on a regular basis, such as resistance machines, treadmills, bikes, cross trainers and free weights.
“The club atmosphere is fresh and in line with market expectations, creating a truly enjoyable and valuable exercise experience.”
Quadrant had set up a holding company Fitness and Lifestyle Group to purchase Goodlife and to make other acquisitions in the sector.
Last month the private equity firm's Executive Chairman Chris Hadley said he was expecting the $2 billion national gym sector to grow at 6% a year for the next five years.
Jetts is currently embarking on an expansion of its European operations.
Image: Brendon Levenson with his wife Cristy.
19th August 2016 - ARDENT LEISURE SELLS GOODLIFE HEALTH CLUBS IN $260 MILLION DEAL
10th August 2016 - LIKELY FITNESS FIRST BREAK-UP TO INCLUDE SALE OF ASIAN AND AUSTRALIAN GYMS
28th January 2016 - JETTS OPENS FIRST CLUB IN ASIA
23rd February 2015 - AUSTRALIAN GYM MARKET TO REACH SATURATION WITHIN FIVE YEARS
2nd December 2012 - LEVENSON NAMED ERNST & YOUNG EMERGING ENTREPRENEUR OF THE YEAR
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