Timezone set for expansion after equity partnership
Deal with Quadrant sees it create group to expand across international territories
Australian FEC firm Timezone Group has generated extra capital by partnering with one of Australia’s leading private equity firms, Quadrant Private Equity.
Quadrant has entered into a binding agreement to invest into the Timezone business alongside the founding Steinberg family and management to create The Entertainment and Education Group (TEEG).
Timezone was founded by Malcolm Steinberg in 1978 in Perth Australia and now has approximately 200 Timezone and Timezone Play & Learn stores across six countries, primarily in South East Asia. TEEG will be led by the current team of Timezone MD Scott Blume, the former managing director of ASX-listed Wotif (which was subsequently sold to Expedia) and Timezone Group CEO Sonaal Chopra who has more than 10 years operational experience with the Timezone business.
Both Malcolm and Adam Steinberg will remain with TEEG as part of the board overseeing the business together with Chris Hadley and Jonathon Pearce from Quadrant.
We are excited to take on an experienced and credentialed investor who will help drive the business further and to greater heights.
Maclolm Steinberg, Timezone founder
The TEEG strategy is to invest significant growth capital across Australia and Asia to capitalise on the rapid growth seen in the entertainment and early education sectors. Private consumption growth across South East Asia is forecast to be over 30 per cent across the next five years and largely focussed on education, entertainment and leisure.
Malcolm Steinberg, Timezone Group Founder said: “in the last 40 years our business has achieved great success and overseen re-invention and recreation of the brand as we continue to serve our eight 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.”
Chris Hadley, executive chairman of Quadrant and incoming chairman of TEEG said: “We are delighted to be partnering with the team at Timezone overseen by Adam Steinberg and Scott Blume. The business fits with the investment strategy of Quadrant of investing in strong brands, experienced management teams and businesses with significant growth opportunities. We intend to deploy substantial capital to grow the business in Australia and throughout Asia.”