Australia (QLD): Ardent Leisure sells bowling alleys for $160m

Australia (QLD): Ardent Leisure sells bowling alleys for $160m

Ardent Leisure has divested the last of its non-core assets, being the bowling and entertainment centres for $160 million to the Entertainment and Education Group, owned by private equity Quandrant and the Steinberg Family.

Proceeds will be funnelled to the remaining operations of Main Event in the US and the Dreamworld theme parks on the Gold Coast, Queensland.

Ardent has now sold all of what it considered non-core assets, being its Goodlife healthclubs and d’Albora marinas and the AMF bowling and entertainment centres.

The sales were part of the proposals forwarded by the new chairman Dr Gary Weiss and his Ariadne Australia group, during its campaign this year to get board representation at Ardent, to ”restore shareholder value” to investors.

Following that campaign, Dr Weiss and his fellow Ariadne director Brad Richmond gained the board seats and are now implementing their proposals.

The year also saw the departure of two chief executives, Deborah Thomas and latterly Simon Kelly, who was there for only five months. There is a search underway for a new Australian-based chief executive.

Source: Brisbane Times

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