The chain of health clubs, Zest, the ownership of which in 2008 was transferred to a new British Virgin Islands-registered holding company Feisty Ltd, has sold seven of its twelve clubs in Western Australia. The sale will make the purchaser Ardent Leisure, Sydney-based owner of the Goodlife chain, the biggest operator in the region.
By words of Ardent chief executive Greg Shaw, the company had negotiated over Zest’s clubs in Western Australia since it bought 10 of the chain’s outlets in South Australia and Queensland in April 2008. During the next 18 months, Ardent will rebrand the clubs under its Goodlife banner and spend US$2.1mln on upgrades.
The transaction totally amounting US$42mln includes US$1mln cash and the balance in Ardent stock.
The chain of health clubs, Zest, the ownership of which in 2008 was transferred to a new British Virgin Islands-registered holding company Feisty Ltd, has sold seven of its twelve clubs in Western Australia. The sale will make the purchaser Ardent Leisure, Sydney-based owner of the Goodlife chain, the biggest operator in the region.
By words of Ardent chief executive Greg Shaw, the company had negotiated over Zest’s clubs in Western Australia since it bought 10 of the chain’s outlets in South Australia and Queensland in April 2008. During the next 18 months, Ardent will rebrand the clubs under its Goodlife banner and spend US$2.1mln on upgrades.
The transaction totally amounting US$42mln includes US$1mln cash and the balance in Ardent stock.