Fitness Passport sold to private equity group The Growth Fund

The owners of the Fitness Passport workplace health and fitness are reported to have sold a majority stake in the company to private equity group The Growth Fund for $50 million.

As revealed by the Australian Financial Review, the new majority shareholders, who manage investments such as Homy Ped shoes and cosmetics company Laser Clinics Australia, are looking to make the most of growth in the growing fitness sharing platform space led by ClassPass, ClassCruiser and KFit.

Similarly, Fitness Passport gives its user access to gyms and other health and fitness providers in their local area but with a focus on the corporate market.

The fitness industry is currently attracting private equity with investment firm Quadrant last month buying the Goodlife Health Clubs chain from Ardent Leisure for $260 million, with plans to spend $100 million growing the business.

Fitness First Australia owned by Oaktree Capital Management, is also currently on the market.

Image credit: Adode.