Swedish private equity group to purchase Fitness Passport platform for $750 million

Private equity group The Growth Fund (TGF) has been reported as being set to sell its Fitness Passport business to Swedish investment firm EQT Partners.

As reported by the Australian Financial Review, TGF, which is apparently winding down its operations, is selling its majority stake in the Fitness Passport workplace health and fitness program for $750 million with the deal was heavily structured with “different value pockets”.

EQT Partners is familiar with the operations of fitness sharing platforms having previously acquired the USA-based Gympass, whose network spans 50,000 locations, for $US85 million.

The Australian Financial Review describes Fitness Passport, which TGF acquired in 2016, as the “crown jewel” among its assets.

Led by Chief Executive Fiona Rose since 2019, the media-shy Fitness Passport offers memberships and single-access passes to more than 1500 fitness clubs and aquatic and recreation centres across the country.

Having started by specialising with corporate clients and other institutions such as health authorities, universities and colleges, the Fitness & Lifestyle Group is one of its largest clients.

In 2018, the Western Sydney Local Health District reported that 2,850 of its staff had signed up to Fitness Passport since its launch in the previous year.

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