Australian private equity firm Quadrant Private Equity Pty. Ltd. is exploring its options, including a sale, for portfolio company and gym operator Fitness and Lifestyle Group, The Australian Financial Review's Street Talk blog reported Jan. 10, citing people familiar with the matter.
Quadrant has employed the services of Citi and UBS, which have already started talks with potential buyers, including other private investment or global buyout firms, according to the sources. A formal sale process is set to begin in the coming months with Gilbert + Tobin handling the legal matters.
Fitness and Lifestyle is expected to be valued at up to A$2 billion, according to the paper. The gym operator owns chains such as Fitness First, Goodlife Health Clubs and Jetts, as well as the Zap Fitness, GO Health Clubs and Emily Skye Inspire brands.