Ardent Leisure Group has announced its acquisition of Fitness First's Western Australian health clubs for a total of A$32.5 million

Ardent Leisure Group has announced its acquisition of Fitness First's Western Australian health clubs for a total of A$32.5 million. This will create the state's largest full service health club chain with a total portfolio of fourteen clubs, consolidating Goodlife Health Clubs as the number one wholly-owned club chain in Australia. The acquisition will be funded from the proceeds of a fully underwritten equity placement to raise approximately A$50 million. The Group will also undertake a non-underwritten Security Purchase Plan to facilitate retail participation, capped at A$15.0 million. Proceeds of the equity raising will also be used to accelerate the roll out of Main Event's large format family entertainment centres. Main Event is the fasted growing family entertainment business in the United States, providing an opportunity for the Group to build presence across America. (VIEW LINK)