Wednesday, January 17, 2018 | Today's Vending Industry News
The Entertainment And Education Group Acquires Ardent's Bowling and Entertainment Division

Posted On: 1/9/2018

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SYDNEY, Australia -- The Entertainment and Education Group, recently formed by Timezone Group and Quadrant Private Equity, has announced a binding agreement to acquire the Bowling and Entertainment Division of Ardent Leisure for $160 million. TEEG is jointly owned by funds advised by Quadrant and the Steinberg family. Malcolm Steinberg founded Timezone in 1978.

The transaction brings together the businesses of Timezone, AMF, Kingpin and Playtime to form one of the world's largest family entertainment center groups. TEEG's strategy is to invest substantial growth capital across Australia and Asia to capitalize on the rapid growth of the entertainment and early education sectors that are benefiting from emerging middle markets and growing consumer spending in that region. The group will focus on the international expansion of Kingpin and Playtime across Southeast Asia through its world-leading brands.

Chris Hadley, the chairman of TEEG and Quadrant, explained that Ardent's Bowling & Entertainment Division has built a market-leading position in Australia and New Zealand. Its combination with Timezone, he predicted, "will position TEEG as one of the world's largest FEC groups with leading operations in Australasia, with an unmatched offering and geographic footprint."

TEEG managing director Scott Blume, observed that, "The acquisition complements our existing Timezone business and gives us access to new brands and leisure experiences for our customers across Australia and New Zealand." Among the growth opportunities he foresees is the delivery of the Kingpin brand and experience to Asian markets. "The FEC sector continues to experience positive tailwinds and the business continues to deliver double-digit growth in revenues and EBITDA as we continue to invest to deliver on organic growth, new sites and opportunistic acquisitions," Blume reported.

Jonathon Pearce, director of TEEG and partner of Quadrant said, "This acquisition is transformational for the TEEG business and adds a suite of strong brands to the portfolio and we believe the group will be able to continue driving growth and delivering highquality entertainment to our millions of customers."

Ardent Leisure, formerly Macquarie Leisure Trust, purchased the Australian division of AMF Bowling Worldwide in 2005. In addition to the AMF locations, Ardent operates five Kingpin bowling sites catering to a younger clientele.