Portfolio management/Ashridge model

Hi Gromit (or whoever else is able to answer this!),

I’ve got a question that relates to the December 2008 questions entitled MMI.

Basically, part (a) asks us to explain the rationale for MMI acquiring First Leisure and Boatland. Here is an extract from the answer from the BBP book.

Portfolio management (Ashridge model) – MMI plays little role in the day-to-day running of First Leisure, and when MMI acquired the company it envisaged First Leisure remaining a largely autonomous business unit. This suggests MMI initially planned to play a portfolio management role at First Leisure. However, the unexpected discovery of the synergies between MMI and First Leisure has now prompted MMI to adopt a synergy manager role.

What confused me, is that I only know the Ashridge model in relation to Ballast, Heartland, Value Trap and Alien. There is no mention of that here.

Therefore, does the Portfolio/Synergy/Parental manager relate to one of four quadrants of the Ashridge model, and if so, how does it all fit together?

From the scenario, my guess is that First Leisure was originally envisaged as a Ballast business, but when a synergy became possible it moved to a Heartland business. Am I close?!

Thanks for your help, and sorry to trouble you on a Sunday!