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On 29th September 2016, the majority shareholder of Fitness First Australia (“FFA”), Oaktree Capital Management (“Oaktree”) entered into an agreement to sell FFA to Quadrant Private Equity, an Australian mid-market private equity firm. The transaction completed on Tuesday, 13th of December 2016.
FFA operates a market leading interdependent network of 61 premium fitness centres located across Australia’s Eastern states. The company serves c.190,000 members undertaking more than 12 million workouts each year, split predominantly across Sydney and Melbourne CBD, intercity and suburban locations.
The sale to Quadrant will see FFA joining the Fitness and Lifestyle Group, Quadrant’s portfolio of pre-eminent fitness and lifestyle brands including Goodlife Health Clubs, HYPOXI and Jetts Fitness. Oaktree will continue to be a significant shareholder in the combined group.
Record Point acted as financial advisor to Oaktree, Fitness First Group and Fitness First Australia.