Goodlife Expands with Zest Health Clubs acquisition

The Macquarie Leisure Trust Group (MLE) is to acquire a portfolio of 10 health clubs and one development site from Zest Health Clubs.

The $7.4 million acquisition for MLE's Goodlife Health Club division represents, according to Group Chief Executive Greg Shaw, a strategic opportunity for the Goodlife Health Club's to enter the South Australian market with a dominant position (six clubs and one development site in Adelaide) and for Goodlife to secure an additional four clubs in Queensland.

Macquarie Leisure intends to spend $1.2 million converting and upgrading its new clubs to the Goodlife brand with Zest operational staff to be retained within the business. In South Australia, MLE plans to complete construction of a new club in North Adelaide for September 2008 opening

Zest Health Clubs will retain all clubs in WA and five remaining clubs in Queensland (at Browns Plains, Logan, McDowall, Strathpine and Jindalee).

Further to the Zest acquisition, Macquarie Leisure has also announced a number of new opportunities to accelerate its development pipeline in the AMF bowling division. These include two new centres in Queensland and Victoria that have been identified and negotiated and the redevelopment of two existing freehold sites in strong demographic areas in the Queensland market.