Goldman exits Timezone debt

Isabella Plevey and Kirra Thompson at Timezone Springfield.

Goldman Sachs is understood to have offloaded debt in Timezone owner The Entertainment and Education Group. It follows a move by Goldman Sachs to refinance the business in 2019. Sources say the trade occurred about three months ago.

Buyers of the Goldman debt are understood to have included Deutsche Bank and Canyon Partners, although it is unclear if the parties were the acquirers in the latest trade or as part of the 2019 refinancing move.

Quadrant Private Equity purchased a 50 per cent interest in the amusement games business in 2017 and folded it into a company it created known as TEEG, which includes other brands such as Play and Learn, Zone Bowling and KingPin.

Goldman Sachs is understood to have been keen to reduce its exposure. It comes as a number of private equity groups explore refinancing opportunities to tide them over during the global pandemic.

Timezone was founded in Perth by Malcolm Steinberg in the 1970s and has since expanded into Asian markets. The business has well over 200 entertainment centres.

Before the global pandemic hit in 2020, the company had been considered an initial public offering candidate.