Ardent Leisure's marinas for sale

Ardent Leisure's marinas for sale
Ardent Leisure's marinas for sale

Private equity giant The Carlyle Group is one of the parties circling the theme park, marina, bowling centre and gym owner, Ardent Leisure. 

The Australian Financial Review's Street Talk column revealed that Carlyle's dealmakers are keeping a close eye on Ardent which fits the break-up and turnaround aspects of the private equity playbook. 

Ardent announced plans to offload its $110 million-odd d'Albora Marinas division last week, promising to direct funds for its Main Event bowling and entertainment centres. 

Ardent Leisure put its d’Albora Marinas business up for sale last week, moving to shore up its balance sheet and focus on its Main Event family entertainment division.

d’Albora Marinas comprises seven high profile  marinas, including three in Sydney Harbour, two adjacent to the Melbourne CBD and a further two at the popular leisure destinations of Nelson Bay and Akuna Bay, north of Sydney. These locations represent over 1,300 berths, substantial water and land leases with development opportunities. 

d’Albora Marinas, the largest marina group in Australia, saw interim revenues fall 2.3 per cent in the company’s most recent results, with earnings before interest, tax, depreciation and amortisation sliding 8.6 per cent to $4.6 million over the six months through December.

Ardent said the sale of the marinas will “assist in accelerating the pace and development” of the Main Event business in the US, as the company bumped up the number of new centres it plans to open in the 2017 financial year to 11, up from a previously planned 8, bringing the total number of centres to 38 locations across 12 states.

“These decisions follow a period of review over the last six months and position the group as a premium family recreation and entertainment company,” chairman Neil Balnaves said.

“Deborah Thomas and the management team have commenced the process for the sale of d’Albora Marinas and the remainder of these initiatives will be implemented as a priority over the next 12 months,” Mr Balnaves said.

“In due course it is expected that, with the growth of the US assets outweighing that of the Australian businesses, the balance of the group’s assets and revenues will become more weighted to the US,” he said. 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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