The largest operator of health clubs across Scandinavia, SATS, is believed to be up for sale for around £150m.

SATS, which operates an estate of 95 gyms across Sweden, Norway, Denmark and Finland, has appointed investment bank UBS to explore strategic options, including a sale, according to The Sunday Times.

If the owners – Swedish-based private equity firm Nordic Capital – decide to sell, SATS could attract interest from UK rivals such as Fitness First,Virgin Active and LA Fitness, as well as a number of private equity firms.

Nordic Capital has owned SATS since 2002, when it acquired the business from US-based gym chain 24 Hour Fitness.

In 2005, SATS reported pre-tax profits of n15.4m (£10.4m) on a turnover of 120m euro (£81m), and analysts have predicted it will be valued between £120m and £150m.

With a total of 260,000 members, the business has a market share of around 25 per cent across the Nordic countries.

A spokesperson for Nordic Capital said that it was company policy not to comment on speculation on acquisitions.