Follow a 12-month battle, it has been confirmed that the private equity company BGH is to take over Australia’s $440 million Village Roadshow Limited (VRL).
BGH and been head-to-head with Pacific Equity Partners (PEP) in the bid to take over the Village Roadshow, operators of Australian theme parks and cinemas. BGH’s acquirement of Village Roadshow marks the end of years of uncertainty and standoffs over the future of the company, which had a damaging impact on its finances.
VRL has been further impacted by the Covid-19 pandemic, with its cinemas and theme parks being forced to close throughout the year.
At the end of October 2020, Village Roadshow said its net debt was around $311 million. This figure is expected to rise to $380 million by June 2021.
VRL was founded in 1954 as a drive-in cinema. Today, it owns a vast portfolio of entertainment venues, including 57 cinemas and many high-profile theme parks, including Sea World in Queensland and Warner Bros. Movie World (WBMW).
