The fitness chain Goodlife is a subsidiary of the Australian entertainment concern Ardent Leisure Group who is also active in other segments of the leisure industry; in this category belong for instance three amusement parks and 50 Bowling Centers. The total turnover of the group was 390 mio. A$ (306 mio. €) in 2012 from which revenues of 103 mio. A$ (81 mio. €) were allotted to the Goodlife clubs. The ten acquired Fenix-Fitness-Premium-Clubs in the states Victoria and Queensland possess over 36.000 members. Two additional facilities are currently in the development phase. Through the acquisition Goodlife can enlarge its number of facilities to currently 66 clubs with more than 175.000 members.

According to company information Goodlife pays 60.9 mio. A$ (55mio. €) to the previous owner which corresponds to an EBITDA-Multiple of 4.7 on the 2013er Pro-forma-performance. So the purchaser pays 4.7 times of the planned earnings before interest , taxes and depreciation (EBITA). Every member who has been “acquired” in the framework of the transaction is assessed with about 1.500€.

With the acquisition of six Fitness-First-Clubs 5.4 mio. A$ (4.3 mio. €)  have been realized. With 13.077 members this corresponds to an assessment of only 328 € per member.

Source: company information, edelhelfer-analysis

Images: Goodlife Health Club