North Point Advisors and William Blair have been hired to run the sale process according to peHUB, which cited two people with knowledge of the matter.
Snap’s 24-hour clubs have grown to number almost 1,500 globally since it was founded a decade ago.
The firm said it had decided to keep a 25 per cent stake in the low-cost UK gym business, which has 36 sites and plans to open up to 30 new ones next year.
Two months later the UK’s Business Growth Fund backed budget gym chain Xercise4Less with a £5m investment.
In October AltAssets revealed Summit Partners had set a $750m target for its second credit fund.
Summit Partners Credit Fund II is larger than the firm’s first credit vehicle, which was closed on $520m in August 2012, beating its $300m target.
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