The Australian buyout house has bought the domestic assets of the gym group from Oaktree and Marathon Asset Management.
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Australian firm Quadrant Private Equity has acquired the gym chain for A$260m from theme park operator Ardent Leisure.
The funding, which was supported by existing investor Highland Europe, will fund the gym company’s international expansion.
The L Catterton Latin America fund has invested in gym company Bodytech, which runs more than 140 locations in Colombia, Peru and Chile.
SAVI is a health and nutritional supplement company that joins Modere’s portfolio of “Live Clean” lifestyle essentials.
The investment in the Spanish gym operator marks a return to the low-cost gym space following the firm’s sale of UK operator The Gym Group.
The private equity firms have sold some of their stakes in the low-cost gym operator through an initial public offering on the London Stock Exchange that values the company at £250 million.
The rapidly-expanding company, which makes a platform that allows people to pay a flat fee to access different fitness club services, is the largest of its kind in the Asia-Pacific region.
The deal comes as many private equity firms are entering the fitness industry.
The $4 billion take private deal was led by TPG and Leonard Green & Partners.