Buyer sought for Next Gen Health & Lifestyle Clubs
In the wake of Quadrant Private Equity’s creation of the Fitness and Lifestyle Group and its acquisition of several leading fitness club brands, the UK-based owners of Next Gen Health & Lifestyle Clubs have reportedly put the group up for sale.
According to a report in today’s Australian Financial Review corporate advisers Greenstone Partners has distributed an information flyer on the business looking to attract interested parties willing to pay in excess of $100 million for the five facility group.
Next Gen Health & Lifestyle Clubs, owned by UK private equity firm Kingsgate, consists of premium fitness, aquatic, wellness and racquet clubs in Sydney, Canberra, Adelaide, Perth and Auckland.
Last year Quadrant created the Fitness and Lifestyle Group to manage its acquisitions of Goodlife Health Clubs from Ardent Leisure, 24/7 chain last year rolled up low-cost gym operator Jetts Fitness and Fitness First Australia from hedge fund giant Oaktree Capital Management.
At the time, Quadrant Executive Chairman Chris Hadley said he had been looking at the fitness sector for more than a decade, advising “the nature of the industry and the growth going forward ... will be appealing to institutional investors.”
Fitness and Lifestyle Group is believed to be looking at further acquisitions in the sector.
Image: Next Gen's Canberra club.
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