Bowlero Corp. Completes Acquisition in Wisconsin; Definitive Agreement Announced in New Jersey

Rhea-AI Summary

Bowlero Corp. (NYSE: BOWL) has announced the acquisition of Sabre Lanes in Wisconsin and a definitive agreement to acquire The Big Event in New Jersey. These acquisitions mark Bowlero's 13th and 14th acquisitions in 2022, furthering its expansion strategy. Sabre Lanes, with 48 lanes, will open under Bowlero's management on November 5. The Big Event, featuring 36 lanes and various entertainment options, is expected to be finalized in early 2023. CEO Brett Parker emphasizes the company's commitment to growth through strategic acquisitions.

Positive

• Acquisition of Sabre Lanes enhances market presence in Wisconsin.
• The Big Event acquisition will broaden Bowlero's entertainment offerings in New Jersey.
• Total of 13 acquisitions completed in 2022 indicates strong growth strategy.

Negative

• None.

Bowlero Corp.’s Robust Growth Continues

RICHMOND, Va.--(BUSINESS WIRE)-- Bowlero Corp., (NYSE: BOWL) the global leader in bowling entertainment, announced today that it has completed the acquisition of Sabre Lanes in Wisconsin and has entered into a definitive agreement to acquire The Big Event in New Jersey. With today’s announcement, the Company has completed 13 acquisitions so far in calendar year 2022, and has a pipeline of four definitive agreements outstanding.

Sabre Lanes is Bowlero Corp.’s 3^rd completed acquisition in Wisconsin in 2022. This center is located in Menasha, WI and is home to 48 lanes of bowling, event spaces that accommodate 30-300 guests, a full kitchen and multiple bars located throughout the center. Sabre Lanes will officially open under Bowlero Corp.’s management during the weekend of November 5^th.

On the East Coast, Bowlero Corp. continues its growth with the upcoming acquisition of The Big Event in Cherry Hill, NJ. The Big Event is a 36 lane center featuring billiards, ping pong, shuffleboard, arcade games and VIP private event rooms. Also located in this center is Erlton Social Craft Bar & Kitchen, a contemporary dining experience known for its vibrant atmosphere, unique menu and selection of craft beers and cocktails. The completion of this acquisition is expected in early calendar 2023.

Brett Parker, President & Chief Financial Officer of Bowlero Corp. stated, “Today’s announcement further illustrates our commitment to expansion via acquiring new locations across the country and furthering our presence opportunistically in markets such as Wisconsin and New Jersey. We look forward to welcoming these locations into our growing footprint.”

About Bowlero Corp

Bowlero Corp. is the global leader in bowling entertainment, media, and events. With more than 300 bowling centers across North America, Bowlero Corp. serves more than 27 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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Source: Bowlero Corp.

FAQ

What acquisitions did Bowlero Corp. announce?

Bowlero Corp. announced the acquisition of Sabre Lanes in Wisconsin and entered into an agreement to acquire The Big Event in New Jersey.

When will Sabre Lanes open under Bowlero’s management?

Sabre Lanes is set to open under Bowlero Corp.’s management during the weekend of November 5.

What is the expected completion date for The Big Event acquisition?

The acquisition of The Big Event is expected to be completed in early calendar 2023.

How many acquisitions has Bowlero Corp. completed in 2022?

Bowlero Corp. has completed 13 acquisitions so far in calendar year 2022.