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MFS Living & Leisure Group continues acquisitions
The MFS Living and Leisure Group (ASX:MPY) announced today that it had signed a conditional purchase agreement to acquire the Australian Alpine Enterprises Group (AAE) from MFS Limited (ASX: MFS) for approximately $110 million.
The AAE purchase agreement is the second major acquisition announced by MPY this year. It follows the announcement in February that MPY had entered into a contract to purchase Oceanis Group, the world’s largest aquarium owner and operator, for in excess of $150 million.
AAE encompasses the Hotham and Falls Creek ski resorts together with associated businesses and assets including the Dinner Plain land sub-division and the Mount Hotham airport.
AAE exclusively operates the ski lifts at each of the ski resorts as well as being involved in operating the ski school, equipment hire, retail businesses, property leasing and management and central reservations.
MFS Living and Leisure Group Executive Director Craig White said: “AAE represents an attractive leisure business with a proven track record and solid growth prospects and is consistent with MPY’s strategy of developing and acquiring a portfolio of high quality leisure assets.”
MPY currently owns three All Seasons-branded hotels in Queensland and Northern Territory. These three hotels are expected to be sold as part of the strategy to transform the Group into an integrated leisure business with a focus on businesses with established high cash flows over a range of diverse leisure pursuits.
“The Group has adopted a clear strategy to identify and acquire assets and businesses in the leisure sector which have the ability to deliver our investors a stable income stream while also having the potential for capital growth,” Mr White said.
“The acquisition of the Oceanis Group and AAE are the first major steps in the execution of that strategy.”
Graham Muldoon
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