In November of last year, the Timezone Group (run by the famed Steinberg family) partnered with Quadrant Private Equity to create The Entertainment and Education Group (TEEG) and accelerate its growth in the family entertainment business. A recent acquisition of Ardent Leisure’s Bowling and Entertainment (B&E) Division – in a $160-million deal – has done just that in a major way.
The transaction unites the businesses of Timezone, AMF, Kingpin and Playtime to form one of the world’s largest FEC groups. (TEEG operates across six countries with over 250 locations.) TEEG says its strategy is to invest significant capital across Australia and Asia to capitalize on the rapid growth seen in the entertainment and early education sectors. This growth is attributed to emerging middle markets and growing consumer spending habits. With world leading brands, the group will focus on the international expansion of Kingpin and Playtime across South East Asia.
“This will double the size of our group business and we look forward to some exciting times ahead,” said Sonaal Chopra, CEO of Timezone.
Chris Hadley, chairman of TEEG and Quadrant, said Ardent Leisure’s B&E has “built a market-leading position in Australia and New Zealand and the combination with Timezone will position TEEG as one of the world’s largest FEC groups…with an unmatched offering and geographic footprint.”
He added, “We are genuinely excited by the significant growth opportunities and ability to invest capital here and in Asia.”
Scott Blume, Managing Director of TEEG, said, “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. The combined business will have deep industry knowledge and expertise to drive operational improvements and deliver on growth opportunities including delivering the Kingpin brand and experience into Asian markets.” Blume added that the FEC sector “continues to experience positive tailwinds and the business continues to deliver double-digit growth in revenues.”
TEEG execs say they hope to continue expansion throughout Australia and Asia, focusing on Kingpin and Playtime in South East Asia.