Quadrant buys Australia-based Jetts Fitness

Brendon Levenson, managing director of Jetts, confirmed the investment to The Australian Financial Review, noting that the combination of expansion capital, cost synergies and expertise would help the company consolidate its position as a leading fitness club chain. The deal is said to be worth around A$100 million ($75 million).

Jetts was founded by Levenson and his wife Cristy in 2007 with a view to providing a customer-centric experience that includes 24-hour access, no locked-in contracts and low fees. The first gym opened in Queensland and the business now operates more than 250 locations, predominantly in Australia as well as a smaller presence in New Zealand and the Netherlands. There are over 200,000 members globally.

Last month, Quadrant agreed to buy Goodlife Health Clubs from Ardent Leisure for A$260 million. The company has 76 locations across Australia and more than 200,000 members. Revenue reached A$178.4 million in the 2015 financial year.

The PE firm closed its eighth fund at A$980 million ($754 million) in mid-August. In addition to Jetts and Goodlife, the GP has taken a majority stake in Injury Treatment and announced two secondary buyouts, with deals to acquire WorldMark Group from Navis Capital Partners and Great Southern Rail from Allegro Funds.

Quadrant was also said to be closing in on Ironbridge Capital's remaining interest in Super A-Mart-Barbeques Galore, which is a continuation of a Fund VII deal.

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• Topics
• Australasia
• Buyouts
• Consumer
• Quadrant Private Equity
• Australia