Bowlero Announces the Acquisition of Thunderbowl Lanes in Michigan

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acquisition

Rhea-AI Summary

Bowlero Corp. (NYSE: BOWL) is set to acquire Thunderbowl Lanes, the largest bowling center in the US, in Allen Park, Michigan. The acquisition includes the business and 8 acres of land. The transaction is scheduled to close in June 2024 and will be funded through an all-cash deal. Thunderbowl Lanes features 90 bowling lanes, banquet rooms, a sports bar, and more. This move marks Bowlero's sixth location in Michigan, aiming to enhance strategic growth and guest experience in new markets.

Positive

Bowlero Corp. expanding its portfolio with the acquisition of Thunderbowl Lanes, the largest bowling center in the US
The acquisition includes 90 state-of-the-art bowling lanes, banquet rooms, a sports bar, and more, enhancing Bowlero's offerings
Strategic growth and commitment to enhancing guest experience in new markets through the acquisition

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05/09/2024 - 04:30 PM

RICHMOND, Va.--(BUSINESS WIRE)-- Bowlero Corp. (NYSE: BOWL) (“Bowlero” or the “Company”), one of the world’s premier operators of location-based entertainment, announced today they have entered into a definitive agreement to acquire Thunderbowl Lanes in Allen Park, Michigan, including the business and the underlying 8 acres of land. This transaction is expected to close in June 2024 and will be funded through an all-cash transaction.

Thunderbowl Lanes is the largest bowling center in the United States. This expansive location spans over 98,000 sq. ft. and is home to 90 state-of-the-art bowling lanes, banquet and meeting rooms, a sports bar, billiards, and the Greater Detroit Bowling Association Hall of Fame. The acquisition of Thunderbowl Lanes marks the company’s sixth location in Michigan.

“We are pleased to announce the acquisition of Thunderbowl Lanes," stated Thomas Shannon, Founder and Chief Executive Officer of Bowlero. "Thunderbowl's impressive facilities and prime location near Detroit complement our existing portfolio, furthering our commitment to strategic growth and enhancing the guest experience in new markets. We eagerly anticipate integrating Thunderbowl Lanes into the Bowlero family as we continue our growth trajectory."

About Bowlero Corp
Bowlero Corporation is one of the world’s premier operators of location-based entertainment. With approximately 350 locations across North America, the Company serves more than 40 million guest visits annually through a family of brands that include Lucky Strike, Bowlero and AMF. In 2019, Bowlero acquired the Professional Bowlers Association, the major league of bowling and a growing media property that boasts millions of fans around the globe. For more information on Bowlero, please visit BowleroCorp.com.