Allens has advised the Steinberg Family and related entities in connection with Quadrant Private Equity's investment in Timezone Family Entertainment Centres.
Quadrant formed a new holding company, The Entertainment and Education Group ('TEEG'), to make acquisitions in the rapidly growing family and children entertainment and early education markets in Australia and across Asia.
TEEG has invested in the Timezone Group alongside the founding Steinberg family and management.
The Steinbergs will remain with the business as it increases its focus on the Asian market in its new life as a joint venture.
'Quadrant's investment in Timezone reflects the continued interest of private equity to capitalise on growth in the entertainment and education sectors,' said Vijay Cugati, lead partner on the deal.
'We congratulate Timezone and the Steinberg family on the signing of the transaction and look forward to continuing our work with the group as it progresses to the next level.'
Commenting on the deal, Timezone Group Directors Malcolm & Adam Steinberg, said:
'In the past 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 MD Scott Blume and CEO 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.'
Allens legal team
Vijay Cugati (Lead Partner), Martin Fry (Tax Partner), James Nguyen (Senior Associate), Kimberley Chikitch (Associate) and Anna Conigrave (Lawyer)
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.