Firms: King & Wood Mallesons (Quadrant Private Equity); Gilbert + Tobin (Oaktree Capital Management)
Deal: Fitness First Australia has been sold to Quadrant Private Equity (Quadrant) by Oaktree Capital Management.
Key players: The KWM team advising Quadrant was led by partner Mark McNamara. Special counsel Alex Elser and solicitor Stephanie Daaboul assisted on the deal.
KWM partners Yuen-Yee Cho and Elizabeth Hundt Russell also advised on the debt aspects of the deal, and partner Tim Sherman provided tax advice.
Deal significance: The acquisition of Fitness First Australia by Quadrant Private Equity is the company’s third major investment in the fitness and health sector. KWM also advised on the purchases of Jetts Fitness and Goodlife Health Clubs in the past month.
Speaking on the deal between Quadrant and Oaktree Capital Management, lead partner Mark McNamara said the sector offers promising growth opportunity.
“We are pleased to continue to support our client Quadrant on growing their portfolio of fitness and lifestyle operations. This latest acquisition positions Quadrant as an influential player in the sector, which we see as offering significant long-term growth opportunities,” Mr McNamara said.