Mantra sale off the agenda

Mantra sale off the agenda
By admin


The Mantra Group looks set to be taken off the market with no sale agreed, as chief executive Bob East confirmed reports that all offers had failed to hit the mark.

While a number of prospective buyers had presented “some very interesting opportunities”, none had met the firm’s expectations.

InterContinental Hotels Group and private equity firm Archer Capital were reportedly among the interested parties.

“Financially, the offers were generally in keeping with what we expected, but it really came down to the value we place on the business,” East told Travel Today. “It’s about what we want to do with the business – there’s more to it than just the chequebook.”

The firm is committed to developing a “bigger and better business,” he added,  with the board currently happy with its direction and performance.

“It’s a very good business,” he said. It recently posted a full year increase in EBITDA of 9% to $60.6 million.

CVC Asia Pacific and UBS will retain ownership of the business, with East saying a sale now looked unlikely within the next 12 months, although he did not rule out the possibility.

“Never say never,” he said.

Meanwhile, the firm is focusing on driving its Peppers brand, with additional CBD properties also on the agenda.
 

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