Los Angeles-based Oaktree Capital Management LP and Malaysian partner Navis Capital Partners could raise as much as US$1 billion from the planned sale of their wellness business in Asia, The Wall Street Journal reported, citing people with knowledge of the matter.
Evolution Wellness Holdings Pte. Ltd. comprises the two private equity firms' wellness businesses that were combined in 2017 and has a network of roughly 170 health clubs across Hong Kong, Singapore, Thailand, Malaysia and Indonesia. Its brands include Fitness First and Celebrity Fitness.
WSJ's sources said the sale process will commence soon.