Owner looks for $1 billion plus sale of Fitness and Lifestyle Group

Quadrant Private Equity, the owner of the Fitness and Lifestyle Group, is reportedly offering the fitness giant for sale through investment banks UBS and Citi.

The buyout fund, which pulled together the Goodlife, Fitness First Australia and Jetts brands to create the Fitness and Lifestyle Group (FLG) in 2016, and has since acquired other operators including Zap Fitness, Go Health Clubs and the Vietnam-based CMG Asia.  

Media reports indicate that FLG, which has EBITDA of about $200 million a year, and is now ranked as one of the 10 global gyms businesses, could be sold for an amount in excess of $1 billion, with the Australian Financial Review suggesting a sale price of as much as $1.5 billion.

While FLG is best known for its domestic fitness brands, its recent expansion in south east Asia sees it now operating the top fitness brand in Vietnam's developing market, and the second placed gym group in Thailand.

According to The Australian, Quadrant is also looking to sell its tourism company Experience Australia, the Rockpool Dining Group and Qscan Radiology Clinics businesses.

Experience Australia was formed when Quadrant purchased Great Southern Rail, which owns and operates the transcontinental Ghan and Indian Pacific rail businesses, and later the Cruise Whitsundays and Rottnest Express marine tourism businesses, creating the foundation for a new experimental tourism company, Journey Beyond.

Image: Fitness and Lifestyle Group partnered with filmstar Chris Hemsworth to launch the Centr fitness app earlier this year.