This is the private equity firm’s fourth acquisition in the health and fitness space.
This is Quadrant’s fourth acquisition in the health and fitness sector. It bought Jetts Fitness in late September for $100m from husband and wife Brendon and Cristy Levenson and Goodlife Health Clubs in August for $260m from Ardent Leisure.
KWM also advised Quadrant in both deals.
The private equity firm has also bought HYPOXI, a non-invasive body-shaping method that has a global cult following, a report from The Australian Financial Review revealed.
The KWM team was led by Partner Mark McNamara with Special Counsel Alex Elser and Solicitor Stephanie Daaboul. Partners Yuen-Yee Cho and Elizabeth Hundt-Russell advised on the debt aspects of the deal and Partner Tim Sherman provided Tax advice.
“We are pleased to continue to support our client Quadrant on growing their portfolio of fitness and lifestyle operations. This latest acquisition positions Quadrant as an influential player in the sector which we see as offering significant long-term growth opportunities,” said McNamara.
The acquisition adds Fitness First’s 65 health clubs to the more than 250 Jetts gyms and 76 Goodlife health clubs Quadrant already owns.
Financial details of the acquisition were not disclosed but a report from The Courier Mail estimates the Fitness First deal to be worth about $280m.
Fitness First, Goodlife Health Clubs, Jetts Fitness and HYPOXI will operate under a new vehicle called Fitness and Lifestyle Group, which will be valued approximately $650m, according to the publication.