Quadrant Private Equity buying Ardent Leisure's gym business: sources
Quadrant Private Equity is considering the acquisition of Ardent Leisure's gym business, industry sources said.
Quadrant Private Equity is considering the acquisition of Ardent Leisure's gym business, industry sources said.
While Ardent has been talking to bidders about its d'Albora Marinas division, limited partner sources said Quadrant had focused its attention on Goodlife Health Clubs, one of the fastest growing gym networks with 76 locations across Australia.
Quadrant is self-advised while Citigroup is advising Ardent Leisure.
Ardent Leisure shares were placed in a trading halt on Friday morning.
An announcement is expected later on Friday.
Goodlife is expected to make about $30 million earnings in the 2017 financial year, according to sell-side analyst estimates, and is expected to be worth about $200 million.
Goodlife has 76 gyms across Australia and more than 200,000 members.
Ardent's news comes less than one week before it was due to hand down its full-year results to investors.