TEEG Purchases Ardent’s Bowling and Entertainment division
The Entertainment and Education Group (“TEEG”) today announced the acquisition of all assets of Ardent’s Bowling and Entertainment division (BCA network) for A$ 160m which currently comprises;
• 36 AMF Centres
• 8 Kingpin Centres
• 6 Playtime Centres
All locations are in Australia with the exception of one location in New Zealand.
Scott Blume, Managing Director of TEEG commented, “This acquisition complements our existing Timezone FEC business and gives us access to new brands and leisure experiences for our customers across Australia and New Zealand. We intend to leverage our deep industry knowledge and expertise to maximise the returns from the existing BCA network and continue to aggressively look for new sites to grow the combined business. On completion, the combined Australia New Zealand business will represent around 50% of TEEG Group revenue.
Importantly, we also have the opportunity to take the Kingpin brand and experience into other markets in Asia where we already have substantial operations. This acquisition reflects our commitment to continue to actively invest in the growing leisure, entertainment and education sectors across APAC. We have the scale, capital and expertise to take advantage of the growing interest in the sector and we expect to continue to grow revenues and EBITDA at circa 20% per annum for the foreseeable future, from a mix of ongoing like store investment and growth, new sites and opportunistic acquisitions. This is an exciting time for the combined TEEG team as we work together to build one of the world largest and most successful FEC groups.”
Malcolm Steinberg, Timezone founder and TEEG Director commented, “It is certainly an exciting time for the business and we see continued opportunities across our portfolio of brands and across the region. We are also clearly seeing a global movement of consumers wanting to spend more time and disposable income on experiences. The expanded Group is ideally placed to capitalise on these trends.”