The potential transaction would be a continuation of the global restructuring strategy of Fitness First owner Oaktree Capital. In early August, the company sold its facilities in Western Australia to Ardent Leisure, the edelhelfer reported. Oaktree itself had taken over the Fitness First group in a debt-for-equity swap from its previous owner BC Partners in 2012.

Currently Fitness First operates in Germany almost 90 clubs with approximately 270,000 members. According to the latest published financial statements, the company realizes a turnover of ca. EUR 150 million and is behind market leader McFit the second largest operator in the German market.

A sale of the company would be another of currently numerous transactions in the international fitness industry. In addition to the acquisition of the Fitness First facilities in Australia by Ardent, recently the acquisition of 24 Hour Fitness was completed, US Fitness Holdings bought the chain operation Sport & Health and Nuffield Health acquired facilities from Virgin Active.

"Overall, fitness operators continue to be of strong interest for investors from different areas," comments Niels Gronau, managing director of the advisory boutique edelhelfer.

Source: Mergermarket, Fitness First Germany, edelhelfer-analysis
Picture: Fitness First Germany