Ardent Leisure Enters Into Partnership With Redbird Capital To Acquire 24.2% Interest In Main Event

  • Jun 15, 2020 AEST
  • Team Kalkine

Ardent Leisure Group Limited (ASX:ALG) announced that RedBird Capital Partners, a US based private investment firm shall invest US$80 million to acquire 24.2% interest in Main Event Entertainment through a preferred equity investment into ALG’s 100% owned U.S.-based subsidiary for its Main Event business.

RedBird has the choice to acquire a further 26.8% interest at a future date, the valuation for which would be based on LTM Normalised Pro Forma EBITDA at the time of exercising the option, depending on a minimum equity floor price.

With this transaction, ALG would be securing a partnership with top U.S. private investment firm that would improve Main Event’s liquidity and capacity to invest in future growth and shall bring additional expertise and opportunities to Main Event.

 


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