AMF Australia for sale OFFICIALLY!

[wchester]

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.

 

[Gary]

If you were on AMF money would you have not had your resumes made up year's ago :?: :?:
Gary.............

 

[Easy Tiger]

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.

Are you suggesting that all 40-odd AMF Bowling Centres Australia-wide would close, or are going to close? If this was to be the case then we had better find a new sponsor for the Super 6 series, the regional circuits, etc because AMF funds/supports all of these. Things wouldn't be looking too good for bowling in Australia would they. I feel pretty safe where I am, I don't think that centre is going to close, even when AMF Australia is sold.

However it could make things interesting in the future. I'm not going to lose sleep over it though

 

[daniel]

There's nothing for anyone to lose sleep over. AMF, as a multinational, has been sold 3 or 4 times in the past 3 years, and nothing has changed on our end. If anything changes, I'm sure it will be for the positive, because it will give AMF Australia more freedom.

Either way, it's something that should be looked forward to with positivity - and plus - every company changes at some stage - this is no different.

 

[Levithian]

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.

Are you suggesting that all 40-odd AMF Bowling Centres Australia-wide would close, or are going to close? If this was to be the case then we had better find a new sponsor for the Super 6 series, the regional circuits, etc because AMF funds/supports all of these. Things wouldn't be looking too good for bowling in Australia would they. I feel pretty safe where I am, I don't think that centre is going to close, even when AMF Australia is sold.

However it could make things interesting in the future. I'm not going to lose sleep over it though

I think he is suggesting that if they are broken up into private centers there could be some sacking of staff in order to start fresh.

 

[sandor]

AMF

amf has put all of it's centres on the market in Australia as a complete package in all the major cities, the regional centres are for sale individually

who can buy all these centres in one go?, the likes of breweries and cinema chains or investment companies is my bet

what will happen to league bowling?, not much i suspect as it is still the bread and butter of most centres,

 

[Easy Tiger]

I think he is suggesting that if they are broken up into private centers there could be some sacking of staff in order to start fresh.

Sandor has clarified the matter somewhat, and I am not in a regional location. However, how many businesses do you know that buy out a another business and then sack all its original staff, only to replace the entire staff base with a new one? New for Old? I do not know of any off-hand, and I am doing a Business Management degree at University, currently studying organisational behaviour. In my studies I have not come across any such cases so far, and it would be rediculous to do so anyway - what a waste of time, training, money and resources. In fact I covered this type of thing today

As I said before, I don't think anyone, in any AMF centre in Australia has anything to worry about (if they're doing their job properly). That's unless they rip down the bowl of course but I don't fear that either where I am.

 

[pulse-tech]

i wish i had a spare few hundred million

 

[Levithian]

I think he is suggesting that if they are broken up into private centers there could be some sacking of staff in order to start fresh.

Sandor has clarified the matter somewhat, and I am not in a regional location. However, how many businesses do you know that buy out a another business and then sack all its original staff, only to replace the entire staff base with a new one? New for Old? I do not know of any off-hand, and I am doing a Business Management degree at University, currently studying organisational behaviour. In my studies I have not come across any such cases so far, and it would be rediculous to do so anyway - what a waste of time, training, money and resources. In fact I covered this type of thing today

What, you want me to just name bowling centers where a similar thing has happened ?

 

[sandor]

AMF

back in the 1980's Kerridge Odean cinema group ventured into bowling with Brunswick equipment

it was a disaster, eventually ownership was transferred to a company called Madison to run the centres, i can't remember if Madison was part of Kerridge, but eventually Madison went into receivership

 

[GBS]

From the Quote above

"As I said before, I don't think anyone, in any AMF centre in Australia has anything to worry about (if they're doing their job properly). That's unless they rip down the bowl of course but I don't fear that either where I am."

What about the gut renching feeling of those employees at Bennetts Green Bowl and Mayfield Bowl? .... What are they feeling right now.

Its a giggle, if I remember correctly the local paper said AMF received $800K + for Mayfield and $2.5M+ for Bennetts Green bought by Bing Lee.

All for what?

AMF sems to have a problem. ...... Which way is forward?

Just my thoughts.

 

[*'TOPHER*]

*pulls out wallet* ummmm......ive got $2.30 think they will be interested???

 

[Andrew S.]

I think he is suggesting that if they are broken up into private centers there could be some sacking of staff in order to start fresh.

Sandor has clarified the matter somewhat, and I am not in a regional location. However, how many businesses do you know that buy out a another business and then sack all its original staff, only to replace the entire staff base with a new one? New for Old? I do not know of any off-hand, and I am doing a Business Management degree at University, currently studying organisational behaviour. In my studies I have not come across any such cases so far, and it would be rediculous to do so anyway - what a waste of time, training, money and resources. In fact I covered this type of thing today

As I said before, I don't think anyone, in any AMF centre in Australia has anything to worry about (if they're doing their job properly). That's unless they rip down the bowl of course but I don't fear that either where I am.

Levithian said some sacking of staff. At no stage has anyone suggested sacking all the original staff or replacing the entire staff base.
What made you infer that?