Bowlero Corp. to Acquire Lucky Strike
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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230531005232/en/
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20230531005232/en/