Bowlero Corp. (“Bowlero” or the “Company”), the world’s largest
owner and operator of bowling centers, as well as owner of the
Professional Bowlers Association (PBA), announced that its Class A
common stock and warrants will begin trading today on the New York
Stock Exchange under the symbols “BOWL” and “BOWL WS”,
respectively.
Management will participate in an opening bell ceremony at the
New York Stock Exchange today in celebration of the public listing,
following yesterday’s completion of a business combination with
Isos Acquisition Corporation.
To thank its customers, Bowlero today is offering one free
bowling game per customer nationwide at all Bowlero Corp. centers
including Bowlero, Bowlmor Lanes, AMF and Bowl America until 8pm
local time.
“We have come a long way since we acquired our first location in
New York City in 1997 and turned it into a popular, and very
profitable hotspot. We want to thank our associates for all of
their hard work as well as our biggest advocates, our customers,
because we wouldn’t have been able to do this without them,” said
Tom Shannon, Founder, Chairman and Chief Executive Officer of
Bowlero. “We now own and operate more than 300 bowling centers
across North America and look forward to continuing to
revolutionize the bowling industry as a public company.”
“I would like to thank the entire Bowlero team, as well as our
partners at Isos, for their support and dedication throughout this
process,” said Brett Parker, President and Chief Financial Officer
of Bowlero. “We look forward to building upon our success in
revolutionizing the bowling industry as a public company as we
expand Bowlero’s footprint, continue our development of the PBA,
and pursue opportunities around gamification and sports
betting.”
Bowlero Corp. outperformed expectations for the quarter ended
September 26, 2021, the first quarter of its 2022 fiscal year,
while dramatically outpacing pre-pandemic performance. The Company
went on to announce record leisure revenue and four new bowling
centers in the nine weeks ended November 28, 2021, with total
bowling center revenue up 20.3% to $134 million versus pre-pandemic
levels in the corresponding period of calendar year 2019.
“We are excited to be part of Bowlero’s very impressive success
story,” said Isos co-Founders and co-CEOs Michelle Wilson and
George Barrios. “Bowlero’s robust growth and financial track record
are a testament to the superior bowling experience that Bowlero
offers customers and the highly integrated business that Tom and
Brett have built. We look forward to our continued partnership with
the Bowlero team as Board members, where we will leverage our
combined experience to drive long-term shareholder value.”
Joining the board of Bowlero alongside Messrs. Shannon, Parker,
Barrios and Ms. Wilson are independent members: Sandeep Mathrani,
CEO of WeWork; Robert J. Bass, former vice chairman of Deloitte
& Touche LLP; and John A. Young, former President and CEO of
Colfax Corporation. Other board members include Michael J.
Angelakis, Chairman and CEO of Atairos, and Rachael A. Wagner, a
partner at Atairos.
Bowling is the largest participatory sport in
the U.S. with approximately 70 million people bowling each year.
More than 26 million guests bowl on Bowlero’s more than 12,000
bowling lanes each year. Bowlero bowling centers’ average annual
revenue is more than double the industry average. Bowling is a
highly fragmented industry with about 3,500 independent operators
in the U.S. alone, which represents an attractive consolidation
opportunity for Bowlero to drive further growth.
Advisors
J.P. Morgan Securities LLC acted as financial advisor to
Bowlero. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as
acting as legal advisor to Bowlero. Davis Polk acted as legal
advisor to Atairos, a significant holder of Bowlero’s equity.
Proskauer acted as legal advisor to management.
LionTree Advisors LLC served as financial advisor and placement
agent to Isos. Hughes Hubbard & Reed LLP acted as legal advisor
to Isos. J.P. Morgan Securities LLC acted as lead placement agent
and capital markets advisor to Isos. Skadden, Arps, Slate, Meagher
& Flom LLP acted as legal advisor to J.P. Morgan Securities LLC
and LionTree Advisors LLC in their capacities as placement
agents.
About Bowlero Corp.
Bowlero Corp. is the worldwide leader in bowling entertainment,
media, and events. With more than 300 bowling centers across North
America, Bowlero Corp. serves more than 26 million guests each year
through a family of brands that includes Bowlero, Bowlmor Lanes,
and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers
Association, the major league of bowling, which boasts thousands of
members and millions of fans across the globe. For more information
on Bowlero Corp., please visit BowleroCorp.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 21E of
the Securities Exchange Act of 1934, as amended. Words such as
“expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, Bowlero’s expectations with respect to future
performance. Bowlero’s actual results may differ from its
expectations, estimates and projections and consequently, you
should not rely on these forward-looking statements as predictions
of future events.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside Bowlero’s control and are difficult to predict. Factors
that may cause such differences include, but are not limited to:
(1) the impact of COVID-19 or other adverse public health
developments; (2) costs related to the business combination; (3)
the ability of Bowlero to grow and manage growth profitably,
maintain relationships with customers, compete within its industry
and retain its key employees; (4) the possibility that Bowlero may
be adversely affected by other economic, business, and/or
competitive factors; (5) the risk that the market for Bowlero’s
entertainment offerings may not develop on the timeframe or in the
manner that Bowlero currently anticipates; (6) general economic
conditions and uncertainties affecting markets in which Bowlero or
operates and economic volatility that could adversely impact its
business, including the COVID-19 pandemic and (7) other risks and
uncertainties that were detailed in the proxy statement/prospectus
filed on Form S-4 with the SEC and as indicated from time to time
in Bowlero’s filings with the SEC. Forward looking statements speak
only as of the date they are made. Except as required by law,
Bowlero does not have any intention or obligation to update or to
publicly announce the results of any revisions to any of the
forward-looking statements to reflect actual results, future events
or developments, changes in assumptions or changes in other factors
affecting the forward-looking statements.
Contacts:
For Media:ICR, Inc.Tom VogelTom.Vogel@icrinc.com
For Investors:ICR, Inc.Ashley
DeSimoneAshley.desimone@icrinc.com
Ryan LawrenceRyan.Lawrence@icrinc.com
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