ACCC to put Quadrant’s Fitness First gym play through its paces

The ACCC will put Quadrant’s bid to form a listed gym empire through its paces following its recent Fitness First buy.

Actor Jane Fonda pictured in Sydney in 2014 helping to relaunch Fitness First.

The ACCC has intervened in private equity firm Quadrant’s attempt to build a public float for its gym empire after the acquisition of Fitness First.

The deal followed its $100 million acquisition of Jetts Fitness and Hypoxi to build on an earlier deal to acquire Goodlife Health Clubs.

The consolidation of the $2 billion gym sector has widely been seen as a forerunner to a float of the portfolio.

Quadrant acquired Fitness First from another private equity firm, Oaktree Capital.

The ACCC started its investigations yesterday and a decision is due on December 15.