Ardent Leisure Group today announced that it has entered into a binding agreement to sell its Bowling & Entertainment division for an enterprise value of A$160 million to The Entertainment and Education Group (“TEEG”), which recently acquired the assets of Timezone Group and is jointly owned by funds advised by Quadrant Private Equity and the Steinberg family.
Dr Gary Weiss, Chairman of Ardent, said: “Following 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.
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.”
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