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Quadrant bulks up fitness and leisure portfolio
A private equity firm is moving to make its second major acquisition in the health and fitness sector.
Melissa Coade
Firms: Mills Oakley (Jetts Fitness); King & Wood Mallesons (Quadrant Private Equity)
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Deal: Jetts Fitness has been acquired by Quadrant Private Equity (Quadrant).
Value: Undisclosed
Area: M&A
Key players: The Mills Oakley team advising Jetts was led by partner Warren Scott. Senior associate James Williams, associate Jacqui Murphy and graduate Joel Lazar assisted on the deal.
The KWM team advising Quadrant was led by partners Matthew Coull and Mark McNamara. Senior associate Anthony Boogert assisted.
KWM partner Yuen-Yee Cho advised on the debt aspects of the deal with senior associate Will Stawell and partner Tim Sherman. Senior associate Joseph Power provided tax advice.
Deal significance:
The acquisition of 24-hour low-cost gym operator Jetts Fitness will be finalised by October. The deal is the second such business acquisition by private equity firm Quadrant in the fitness and leisure sector.
KWM's lead partner on the deal, Matthew Coull, said the purchase of Jetts marked the further diversification of Quadrant’s fitness and leisure portfolio.
“We are very pleased to have once again supported our long-term client Quadrant on another significant transaction that will further expand and diversify its existing fitness and leisure portfolio.
“Australia’s fitness and leisure sector presents significant growth opportunities and this latest bolt on acquisition positions Quadrant as a key player in this market,” Mr Coull said.
KWM partner Matthew Coull (pictured left) and Mills Oakley partner Warren Scott (pictured right) advised on the acquisition of Jetts Fitness.
