Ardent Leisure Group sells Bowling and Entertainment division

Company News

by Jessica Ellerm

Ardent Leisure Group (ASX:AAD) has announced it will sell its Bowling & Entertainment division to The Entertainment and Education Group for $160 million, a portfolio company of Quadrant Private Equity.

The sale price represents a 32 multiple on the businesses FY17 Core EBIT.

On completion of the deal Ardent expects to be in a net cash position, with financial capacity to support growth opportunities in its Main Event and Theme Park divisions.

The purchase by Quadrant adds to its recent acquisition of the assets of Timezone group.

Shares in Ardent Leisure Group (ASX:AAD) were 3.47 per cent up in early trade at $1.79.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.