Bowlero Corp. to Acquire Lucky Strike
31 Mai 2023 - 2:00PM
Business Wire
Definitive Agreement Executed to Acquire All
of the Iconic Brand’s 14 Locations Across Nine States
Bowlero Corp. (NYSE: BOWL), the global leader in bowling
entertainment, announced today that it has entered into a
definitive agreement to acquire substantially all of the assets of
Lucky Strike Entertainment, LLC (“Lucky Strike”), the upscale
bowling company with 14 locations across nine states. The
acquisition adds the iconic Lucky Strike brand and locations to
Bowlero Corp.’s expansive portfolio of bowling centers in North
America, furthering its position as the leader in bowling
entertainment. Bowlero will acquire the Lucky Strike business in an
all-cash transaction valued at approximately $90 million. The
transaction is expected to close in the first half of Bowlero’s
Fiscal Year 2024, and is subject to customary closing
conditions.
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Bowlero Corp. enters into a definitive
agreement to acquire Lucky Strike Entertainment, LLC (“Lucky
Strike”) (Photo: Business Wire)
Thomas Shannon, Founder and CEO of Bowlero Corp., said, “Lucky
Strike is a premier experiential entertainment brand, and we could
not be more excited to add its world-class portfolio to ours. Lucky
Strike’s impressive family of locations in flagship cities across
the country naturally complements our national footprint,
immediately launching our presence in major cities like Boston,
Chicago and Denver.”
Brett Parker, President of Bowlero Corp., stated, “The 14
centers set to be acquired in this transaction have a fantastic
financial profile. With annual average unit volumes of over $6
million, these assets offer a tremendous opportunity for the
Bowlero team to apply QMS-driven optimization and grow
profitability off of an already strong base. Lucky Strike posted
$87 million of revenue, center-level EBITDAR margin of 36%, $18
million of center-level EBITDA, and $11 million of consolidated
EBITDA in the trailing twelve months ended March 2023.”
Upon completion of the transaction, Bowlero Corp. will acquire
all 14 Lucky Strike bowling centers, increasing the Company’s
national footprint to 343 centers in 35 states. The Lucky Strike
acquisition launches Bowlero into the heart of a half-dozen of the
US’s largest cities, including Boston, Denver, Chicago, Los
Angeles, Philadelphia and San Francisco. Other locations include
Bethesda, MD, Bellevue, WA, Sommerville, MA, West Nyack, NY and
Honolulu, HI.
The Lucky Strike bowling centers offer a high-energy atmosphere,
a sophisticated menu, private event spaces, billiards, and
first-class amusements. Their modern locations range in size from
24 lanes in Orange, CA and Philadelphia, PA, to smaller 8-lane
locations in Chicago, IL and Somerville, MA.
Shannon concluded, “Since opening its first location in 2003 in
the Hollywood & Highland Complex, Lucky Strike has built
outstanding brand equity and held a differentiated place in the
broader upscale entertainment landscape. Under Bowlero’s
management, we plan to build upon the quality experience guests
expect, while bringing Bowlero’s operational expertise and growth
opportunities to these centers.”
About Bowlero Corp
Bowlero Corp. is the global leader in bowling entertainment,
media, and events. With more than 325 bowling centers across North
America, Bowlero Corp. serves more than 30 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
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