The Timezone Group has partnered with Quadrant Private Equity to create “The Entertainment and Education Group” (TEEG). Timezone was founded by Malcolm Steinberg in 1978 in Perth, Australia and has today grown into a world leading Family Entertainment and Education business with approximately 200 Timezone and Timezone Play & Learn stores across six countries, primarily in South East Asia.
TEEG will be led by Timezone’s current team of Managing Director Scott Blume and Timezone Group CEO Sonaal Chopra. Both Malcolm and Adam Steinberg will remain with TEEG as part of the board overseeing the business together with Chris Hadley and Jonathon Pearce from Quadrant.
Said Malcolm Steinberg: “Over the last 40 years, our business has achieved great success and overseen re-invention and recreation of the brand as we continue to serve our 8 million customers every year. We have a highly experienced management team in place led by Scott Blume and Sonaal Chopra. With Quadrant’s investment, we are excited to take on an experienced and credentialed investor who will help drive the business further and to greater heights.”
TEEG’s strategy is to invest significant growth capital across Australia and Asia to capitalise on the rapid growth they see in the entertainment and early education sectors and in growing consumer spending habits. Private consumption growth across South East Asia is forecast to be over 30% across the next five years and largely focussed on education, entertainment and leisure, the firm advised.