wchester
Bowling Tragic
Code Hennessy to Sell Australian AMF Bowling
Aug. 3 (Bloomberg) -- Code Hennessy & Simmons LLC, a closely held Chicago-based buyout firm, is seeking offers for the Australian unit of its AMF Bowling Worldwide business, people familiar with the sale said.
Code Hennessy, which has four private equity funds, hired JPMorgan Chase & Co. to find a buyer for the business, which has about 40 bowling centers across Australia, the people said. Those assets are valued at about A$100 million ($70 million), they said.
In November, Code Hennessy bought AMF Bowling Worldwide Inc., the owner and operator of bowling centers, for as much as $695.5 million in cash and assumed debt. AMF, which has 473 bowling alleys worldwide, emerged from bankruptcy protection in March 2002. It had $696.7 million in assets and $378.1 million in long- term debt as of Sept. 28, according to a regulatory filing.
Megan Donald, a spokeswoman for JPMorgan in Sydney, declined to comment. Merrell Wreden, a spokesman for AMF in Virginia, wasn't available for comment. Andrew Code, a partner at Code Hennessy in Chicago, wasn't available.
Months ago this story was reported on Totalbowling but removed by request of AMF. ..well now it's official..so you AMF employees had better get those resumes updated and if your league is at an AMF centre, it wouldn't be a bad idea to have a talk with your centre manager.
Aug. 3 (Bloomberg) -- Code Hennessy & Simmons LLC, a closely held Chicago-based buyout firm, is seeking offers for the Australian unit of its AMF Bowling Worldwide business, people familiar with the sale said.
Code Hennessy, which has four private equity funds, hired JPMorgan Chase & Co. to find a buyer for the business, which has about 40 bowling centers across Australia, the people said. Those assets are valued at about A$100 million ($70 million), they said.
In November, Code Hennessy bought AMF Bowling Worldwide Inc., the owner and operator of bowling centers, for as much as $695.5 million in cash and assumed debt. AMF, which has 473 bowling alleys worldwide, emerged from bankruptcy protection in March 2002. It had $696.7 million in assets and $378.1 million in long- term debt as of Sept. 28, according to a regulatory filing.
Megan Donald, a spokeswoman for JPMorgan in Sydney, declined to comment. Merrell Wreden, a spokesman for AMF in Virginia, wasn't available for comment. Andrew Code, a partner at Code Hennessy in Chicago, wasn't available.
Months ago this story was reported on Totalbowling but removed by request of AMF. ..well now it's official..so you AMF employees had better get those resumes updated and if your league is at an AMF centre, it wouldn't be a bad idea to have a talk with your centre manager.