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Two firms get the running on Fitness First deal
One-office firm Addisons and global giant Ashurst facilitated the sale of Fitness First in WA.
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Firms: Addisons (Ardent Leisure); Ashurst (Fitness First)
Deal: Ardent Leisure acquires Fitness First’s Western Australian health clubs
Value: $32.5 million
Area: M&A
Key Players: Addisons senior associate Kieren Parker advised Ardent Leisure, with assistance from solicitor Leah Hecht. Ashurst got the gig advising Fitness First. Addisons managing partner Laura Hartley described the transaction as further evidence of the strength of mid-market M&A deals in Australia
Deal Significance: The Western Australian clubs will become part of Ardent’s Goodlife health club chain and will be funded from the proceeds of a fully underwritten equity placement to raise approximately $50 million. Fitness First has eight gyms in WA, and with this acquisition, Ardent now has almost 80 gyms in Australia. The West Australian said the acquisition will lift Goodlife's membership base by about 21,500 to almost 215,000.
