The Australian division of private equity-backed gym business Fitness First may not be the most match-fit of the group, but it's likely to outpace the UK and German units, sources say. 
As Street Talk revealed last week, HSBC has been appointed by alternative investment manager Oaktree Capital Management to sell all of the business, except the UK, and the local division is tipped to be offloaded as a separate piece. But the group's Asian division, for which teaser documents have already been distributed, is the real golden goose.
So far, about half of the parties circling the business are understood to be based in China, excited by the strength of the Hong Kong gyms.
Sources estimate the Asian business is making about Â£33 million in earnings, and point out a multiple of eight times would deliver Oaktree half of its money back after just three years of ownership.
Oaktree took control of Fitness First globally via a Â£550 million debt-for-equity swap in 2012, and manages it out of London. The company, which is the largest privately held health club group in the world, was formerly owned by UK-based private equity firm BC Partners.
In Australia, it's understood the group has started putting feelers out for a sale. Goodlife, which runs 76 gyms in Australia and is owned by sharemarket-listed Ardent Leisure, is the obvious buyer for the local arm because it has existing back office infrastructure.
Sources said Fitness First Australia's head office costs were weighing on the unit's profits, estimated to be just above $20 million.
Another option could be to delay the sale until growth picks up, although an Australian divestment is still expected to beat any decision to offload the UK and German businesses.