Gilbert + Tobin advised Oaktree on the sale of its Fitness First Australian business to Quadrant Private Equity (Quadrant), which closed today.
With approximately 60 outlets across Australia’s east coast, the addition of Oaktree’s Australian Fitness First portfolio to Quadrant’s ‘Fitness and Lifestyle Group’ is reflective of the group’s long-term growth strategy, securing the status of Australia’s largest gym group servicing 650,000 members.
The transaction involved navigating an investment agreement under which Oaktree retains equity in the ultimate holding company and various structuring and tax issues, with Gilbert + Tobin assisting Oaktree in securing the crucial ACCC clearance required for the sale.
Partner Andrew Bullock believes the combination of the team’s extensive regulatory expertise and considerable M&A experience enabled the transaction’s smooth completion.
“This transaction highlights the team’s continued success in providing our clients with a commercially astute and responsive advice, and we are very pleased to have helped Oaktree with this transaction.”
The sale follows Quadrant’s acquisition of Ardent Leisure’s health club business earlier in the year for $260 million, on which Gilbert + Tobin also advised.
Andrew Bullock led the team, supported by partners and lawyers in Tax, Competition, Property, Banking, Intellectual Property, Employment, TMT and Litigation, including Tim Gole, Charles Coorey, Amanda Hempel, Gail Christopher and Lisa Lennon.
Gilbert + Tobin’s M&A team consistently advises on the largest deals in the market including the A$12.6 billion bid for Asciano, Australia’s largest 2016 M&A deal to date, as well as the A$10.2 billion TransGrid deal. In 2015, the M&A team acted on four of the five largest M&A deals announced in Australia.