Ardent Leisure has announced the sale of its bowling and entertainment division to Entertainment and Education Group (“TEEG”) for $160 million.
Jointly owned by funds advised by Quadrant Private Equity (“Quadrant”) and the Steinberg family, TEEG had recently acquired the assets of the Timezone Group.
Dr Gary Weiss, Chairman of Ardent, said Ardent had decided to sell the division after an unsolicited offer from TEEG.
“The decision to divest B&E reflects the attractive price offered and our focus on investing our capital in areas where we can earn the most attractive returns,” Mr Weiss said.
“While we are confident that the strategy for B&E will deliver improved earnings, this sale relieves Ardent of the requirement to make the significant further investment needed to support this strategy and provides Ardent with increased flexibility to continue the expansion of Main Event and the reinvigoration of Theme Parks.”
Ardent’s bowling and entertainment division operates the AMF and Kingpin bowling centres as well as Playtime arcades across Australasia