Allens is involved in a private equity firm’s investment in a family-owned family and children entertainment chain.
The global firm advised the Steinberg family and related entities as Quadrant Private Equity invested in Timezone Family Entertainment Centres. The total investment was not disclosed, but Timezone revenues exceed $150m across its network in Australia, New Zealand, and Asia.
The investment is the first for a new Quadrant holding company, The Entertainment and Education Group (TEEG), which the investor will use in acquiring early education and family and children entertainment businesses in Australia and in Asia.
TEEG has invested in the Timezone Group along with the Steinbergs and the group’s management. The family remains with the business.
“Quadrant's investment in Timezone reflects the continued interest of private equity to capitalise on growth in the entertainment and education sectors,” said partner Vijay Cugati, who led the Allens team on the deal.
He said that Allens looks forward to continuing its work with the Timezone Group.
Cugati was assisted by tax partner Martin Fry, senior associate James Nguyen, associate Kimberly Chikitch, and lawyer Anna Conigrave.
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