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Australian fitness enthusiasts may soon see a shift in ownership for two popular gym brands, Fitness First Australia and Jetts Fitness. Their parent company, Quadrant Private Equity, is gearing up to initiate a formal auction for its Fitness & Lifestyle Group portfolio early next year.
As reported by the Australian Financial Review, Quadrant has enlisted JPMorgan to oversee a two-stage sale process that encompasses all six brands within the group.
The Fitness & Lifestyle Group touts itself as the largest corporate-owned gym operator in the Asia-Pacific region. It boasts a presence across 330 locations, including in Australia, New Zealand, Thailand, and Singapore.
Quadrant Private Equity has been at the helm of the group since 2016, steering its growth and expansion.
Quadrant has owned the group since 2016.
In addition to Fitness First Australia and Jetts Fitness New Zealand and Thailand, the group includes the Australian arm of high-intensity training chain Barry’s Bootcamp.
Its Australian footprint includes dozens of Fitness First clubs nationwide and four Barry’s Bootcamp studios across Sydney and Melbourne, alongside the Jetts and Zap Fitness networks.Â
Barry’s Bootcamp entered the Australian market in 2018, far from its roots in West Hollywood, and remains one of the group’s premium offerings.Â
The group was reportedly hammered by the industry-wide impact of Covid-19, but managed to bounce back to earnings above pre-Covid levels, the AFR reported.Â
The two-stage auction process is reportedly slated to get underway next year.Â
Australian fitness brand Fitness First Australia is set to be put on the market
The group also includes Jetts Fitness New Zealand and Thailand
