Fitness Passport, backed by private equity firm EQT, is aiming to raise AUD 500m ($330m) through a syndicated loan as part of a dividend recapitalisation and refinancing strategy, according to Bloomberg.

A consortium of a dozen banks – including BNP Paribas, Standard Chartered, and Mitsubishi UFJ – is supporting the six-year facility. The move reflects a common private equity approach to generate liquidity and investor returns in the absence of a near-term exit.

EQT acquired Fitness Passport from The Growth Fund just over a year ago in a deal valued at approximately AUD 750m. The firm has not commented on the latest financing development.

Fitness Passport operates a network of more than 1,700 gyms and fitness centres across Australia, positioning itself as a major player in the country’s health and wellness sector.

If completed, the transaction would provide a liquidity event for EQT, while reinforcing the firm’s active management strategy in growing consumer-facing platforms.

Source: Bloomberg

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