This article is from the Australian Property Journal archive
ARDENT Leisure Group has sold off its gymnasium business and assets, the Goodlife Health Clubs ad Hypoxi, for $260 million gross.
Goodlife was sold to funds advised by Quadrant, is expected to occur in Q2 FY17.
The transaction signals the group’s shifting focus to its five-year targeted roll-out of Main Event Enterainment Centres in the United States.
“The sale of the Health Club division at a premium to book value underlines the Board’s commitment to actively manage the Group’s portfolio of assets and consolidate the Group’s position as a leading global entertainment company,” Ardent Leisure Group chairman, Neil Balnaves said.
“Goodlife is one of the largest gym networks in the country, with 76 locations and a membership base that’s over 200,000 strong.
“Proceeds received from the sale will significantly strengthen the Group’s balance sheet and allow us to give greater priority to the Main Event Entertainment roll-out opportunity in the US.” Balnaves said.
Australia Property Journal
