Definitive agreements signed to acquire Merri-Bowl Lanes and BAM! Entertainment Center
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL), the global leader in bowling entertainment, announced today they have entered into definitive agreements to acquire Merri-Bowl Lanes and BAM! Entertainment Center in Michigan. These acquisitions mark the company’s 4th and 5th locations in the state and are expected to close in the fall of 2023.
Located in Livonia, MI, Merri-Bowl Lanes is a traditional 35,000-square-foot center featuring 40 lanes of bowling. This location is a family-fun destination, showcasing a diverse array of entertainment experiences, including league play, youth and adult tournaments, parties, and events.
BAM! Entertainment Center, located in Holland, is a one-stop entertainment destination featuring 29 lanes of bowling and a multitude of dynamic offerings, including a laser tag arena, axe throwing, a high ropes course, and an expansive arcade. This entertainment center is also home to VIP party rooms, extensive menu options, and full-service bars.
“Our expansion in Michigan furthers our commitment to contributing a world-class experience across the country,” stated Thomas Shannon, Founder, President, and CEO of Bowlero Corp. “These acquisitions align with our ongoing strategic growth initiatives of buy, build and convert. We look forward to our continued growth as we welcome these additions to our portfolio.”
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 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
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL) (“Bowlero” or the “Company”), the global leader in bowling entertainment, today announced that the Company will participate in the following investor conferences:
William Blair Equity Conference on June 6, 2023, in Chicago, IL
Stifel Cross Sector Insight Conference on June 7, 2023, in Boston, MA
Oppenheimer Consumer Growth & E-Commerce Conference on June 13, 2023, held virtually.
For more information, or to schedule a meeting with management, please contact a representative of the appropriate firm.
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.
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL), the global leader in bowling entertainment, announced today that it has completed the acquisition of Paradise Lanes Entertainment Center in the state of Washington.
Paradise Lanes Entertainment Center is located in Tacoma, WA, 32 miles southwest of Seattle. This center features 32 bowling lanes, an arcade, billiards, a full-service bar and restaurant, and VIP party rooms. This acquisition marks the Company’s fourth location in the state.
“We are pleased to continue our expansion in the state of Washington,” said Thomas Shannon, Founder and CEO of Bowlero Corp. “Today’s announcement illustrates our commitment to growth as we continue our expansion through 2023. As always, through each acquisition, we continue to prioritize our guests, bringing new customers the world-class Bowlero experience. We look forward to our presence in Tacoma and further growth opportunities throughout the year.”
Paradise Lanes Entertainment Center is expected to open under Bowlero Corp. management on Friday, May 26th.
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
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL), the global leader in bowling entertainment, announced today that it has completed the acquisition of Andy B’s, marking the Company’s first center in the state of Tennessee. Andy B’s will be open to the public on May 19th, under the Bowlero name.
Andy B’s, opening as Bowlero Bartlett, is located in Bartlett, TN, 13 miles outside of Memphis. This 44-lane center is made up of 32 traditional lanes and 12 private lanes featuring state-of-the-art audio and lighting with 50 feet of video displays. Andy B’s is also home to an interactive arcade, a snack bar and grill, and a full-service bar.
“We are pleased with our continued growth, officially expanding our national footprint in 34 states with the acquisition of Andy B’s,” stated Thomas Shannon, Founder and CEO of Bowleo Corp. “This acquisition echos our focus on expansion in new markets, giving us the opportunity to provide new guests with the unique Bowlero experience. We are looking forward to this next chapter while looking ahead to new growth opportunities throughout the year.”
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
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp., (NYSE: BOWL) the global leader in bowling entertainment, completed the acquisition of The Big Event in New Jersey on February 14th. This announcement marks the Company’s first completed acquisition in calendar year 2023, out of a robust pipeline of remaining acquisitions.
Brett Parker, President & Chief Financial Officer of Bowlero Corp., stated, “Today’s announcement illustrates our continued commitment to expanding our unit base and simultaneously improving our average unit volumes.”
The Big Event is located in Cherry Hill, NJ, 20 miles outside of Philadelphia. This impressive 36 lane center features billiards, ping pong, shuffleboard, arcade games and VIP private event rooms. The acquisition of The Big Event marks the Company’s 10th location in the state of New Jersey. This center opened under Bowlero Corp. management on Friday, February 17th.
Parker stated in closing, “We look forward to welcoming this center to our growing national footprint and, as always, we remain focused on growth while continuing to prioritize a world-class experience for our guests.”
Thus far in fiscal year 2023 Bowlero Corp completed 12 acquisitions.
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
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL) (“Bowlero” or the “Company”), the world’s largest owner and operator of bowling centers, will participate in the following investor conferences:
Raymond James Institutional Investors Conference on March 6, 2023
J.P. Morgan Global High Yield & Leveraged Finance Conference on March 7, 2023
Brett Parker, Vice Chairman, President & Chief Financial Officer of Bowlero, will participate in a fireside chat at 4:35 PM ET on Monday, March 6, 2023 at the Raymond James Institutional Investors Conference. He will also participate in a fireside chat at 2:00 PM ET on Tuesday, March 7, 2023 at the J.P. Morgan Global High Yield & Leverage Finance Conference. Mr. Parker will be available for meetings during both conferences.
If available, a live webcast and replay of the presentation will be posted to the Events & Presentations section of the Bowlero Investor Relations website at https://ir.bowlerocorp.com/overview/default.aspx.
About Bowlero Corp.
Bowlero Corp. is the worldwide leader in bowling entertainment. With more than 325 bowling centers across North America, Bowlero Corp. serves nearly 30 million guests each year through a family of brands that includes Bowlero and AMF. Bowlero Corp. is also home to the Professional Bowlers Association, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.
Prepared remarks via webcast on February 15, 2023 at 4:30 PM ET
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL) (“Bowlero” or the “Company”), the world’s largest owner and operator of bowling centers, will report financial results for the second quarter of fiscal 2023 on Wednesday, February 15, 2023 after the U.S. stock market closes. Management will discuss the results via webcast at 4:30 PM ET on the same day.
The live webcast, replay and results presentation will be available in the Events & Presentations section of the Bowlero Investor Relations website at https://ir.bowlerocorp.com/overview/default.aspx.
About Bowlero Corp.
Bowlero Corp. is the worldwide leader in bowling entertainment. With more than 325 bowling centers across North America, Bowlero Corp. serves nearly 30 million guests each year through a family of brands that includes Bowlero and AMF. Bowlero Corp. is also home to the Professional Bowlers Association, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.
Record-breaking revenue performance bolstered by TTM Same Store Sales Growth of approximately 48% year over year1
TTM revenue exceeds the $878 million revenue projection from December 2021 go-public transaction by more than $122 million or 14%
MoneyBowl™, the Company’s proprietary skill-based gamification app, is expected to be active in 27 centers by January 13, 2023, and is already operational in 16 locations
Bowlero added 40 bowling centers over the last 18 months, ending Q2 of FY23 with 326 locations
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL) (“Bowlero” or the “Company”), the world’s largest owner and operator of bowling centers, today provided a preliminary business update covering activity through January 1, 2023, the close of its second quarter of fiscal year 2023.2
Bowling Center Trailing 13-week Revenue Growth Trend (Graphic: Business Wire)
The Company’s revenue exceeded $1.0 billion on a trailing twelve month basis, marking a major milestone in the Company’s history following record revenue generation throughout calendar year 2022. This performance was driven by strong ongoing demand for bowling, the country’s largest participatory sport, across the portfolio exemplified by Bowlero’s same store sales growth of approximately 48% year over year. In particular, the TTM revenue performance was fueled by dramatic year over year growth in events and continued strong performance from walk-in retail and leagues.
The Company’s deployment of Moneybowl™ continues to gain momentum, growing from two locations on November 16, 2022 to an expected 27 locations by January 13, 2023.
Bowling center additions remain a significant factor in driving total revenue growth. Since June 28, 2021, Bowlero has added 40 new centers and has grown its operating center count by 14%. Of the 40 centers added, two locations were new builds and 38 were acquisitions. The pipeline for new locations remains robust.
Thomas Shannon, Founder and Chief Executive Officer, stated, “The last twelve months have been transformational for Bowlero. Exceeding $1.0 billion in TTM revenue is a remarkable milestone for the Company, capping off a year of notable accomplishments. We ended December of 2022 with 326 locations, after continuing our robust unit addition plan. We launched MoneyBowl™, and it should be in pilot at 27 locations, almost ten percent of our footprint, by the end of this week. These accomplishments were almost unimaginable when we operated only six centers back in 2013, and they are a testament to our world-class team and our relentless pursuit of providing world-class experiences across our growing portfolio of nearly 330 centers and maximizing shareholder value.”
Bowling Center Trailing 13-week Revenue Growth Trend3
[Please see Bowling Center Trailing 13-week Revenue Growth Trend]
About Bowlero Corp.
Bowlero Corp. is the worldwide leader in bowling entertainment. With more than 325 bowling centers across North America, Bowlero Corp. serves nearly 30 million guests each year through a family of brands that includes Bowlero and AMF. Bowlero Corp. is also home to the Professional Bowlers Association, 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 the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 that involve risk, assumptions and uncertainties, such as statements of our plans, objectives, expectations, intentions and forecasts. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “confident,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this press release and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this press release. It is not possible to predict or identify all such risks. These risks include, but are not limited to: the impact of COVID-19 pandemic and any future outbreaks of contagious diseases on our business; our ability to design and execute our business strategy; changes in consumer preferences and buying patterns; our ability to compete in our markets; the occurrence of unfavorable publicity; risks associated with long-term non-cancellable leases for our centers; our ability to retain key managers; risks associated with our substantial indebtedness and limitations on future sources of liquidity; our ability to carry out our expansion plans; our continued ability to produce content, build infrastructure and market Professional Bowlers Association (“PBA”) events; our ability to successfully defend litigation brought against us; our ability to adequately obtain, maintain, protect and enforce our intellectual property and proprietary rights and claims of intellectual property and proprietary right infringement, misappropriation or other violation by competitors and third parties; failure to hire and retain qualified employees and personnel; the cost and availability of commodities and other products we need to operate our business; cybersecurity breaches, cyber-attacks and other interruptions to our and our third-party service providers’ technological and physical infrastructures; catastrophic events, including war, terrorism and other conflicts; public health issues or natural catastrophes and accidents; changes in the regulatory atmosphere and related private sector initiatives; fluctuations in our operating results; economic conditions, including the impact of increasing interest rates, inflation and recession; and other risks, uncertainties and factors described under the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) by the Company on September 15, 2022, as well as other filings that the Company will make, or has made, with the SEC, such as Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
1Same-store sales are measured by comparing revenues for centers open for the entire duration of both the current and comparable measurement periods.
2Our independent registered public accounting firm has not completed its review of our results for our second quarter ended on January 1, 2023. The revenue amounts for this quarter are preliminary estimates of the results of operations that we expect to report for our second quarter ended on January 1, 2023. Our actual results may differ from these estimates due to the completion of our financial closing procedures, final adjustments and other developments that may arise between now and the time the financial results for our second quarter are finalized.
3Revenue growth is calculated as the growth in Bowling Center Revenue compared to the comparable week during the pre-pandemic 52-week period beginning March 2019 and ending February 2020. Total Bowling Center Revenue (i) excludes media-related revenue and closed bowling centers from both current period and pre-pandemic and prior year periods and (ii) includes new bowling centers that have opened since March 2020. For weeks ending between September 26, 2021 and December 26, 2021, the percentages above are calculated by comparing each week to the comparable week in 2019. For weeks ending between January 2, 2022 and February 27, 2022, the percentages above are calculated by comparing each week to the comparable week in 2020. For weeks ending between March 6, 2022 and January 1, 2023, the percentages above are calculated by comparing each week to the comparable week in 2019. Total Bowling Center Revenue for each date is the 13-week rolling average of weekly Total Bowling Center Revenue. We use the 13-week rolling average because the revenue performance in individual weeks can be positively or negatively impacted by timing shift of holiday/sporting events, holidays moving to weekends, and extreme weather events. Data for all weeks following the close of the quarter ended on October 2, 2022 are preliminary and have not been audited or reviewed and are forward-looking statements based solely on information available to us as of the date of this announcement.
Adds Great Escape in Pleasant Hill, Iowa to Growing Portfolio
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp., (NYSE: BOWL) the global leader in bowling entertainment, announced today that it has completed the acquisition of Great Escape in Iowa. This is the Company’s 15th completed acquisition in calendar year 2022, bringing the Company’s total center count to 326.
Great Escape, located in Pleasant Hill, a suburb of Des Moines, is a 24-lane bowling center featuring laser tag, over 50 arcade games, virtual reality, and a full-service restaurant. Great Escape marks the Company’s second acquisition in Iowa this calendar year, the first being Thunderbowl located in Council Bluffs.
Brett Parker, President & Chief Financial Officer of Bowlero Corp. stated, “The addition of Great Escape is another exciting acquisition for Bowlero. We remain committed to bringing our guests a world-class entertainment experience, and furthering our presence nationwide.”
Great Escape is expected to open under Bowlero Corp. management on December 9th.
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
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL) (“Bowlero”), the global leader in bowling entertainment, announced today that management will participate in The UBS Global TMT Conference taking place December 5-7, 2022 at the Sheraton New York Times Square Hotel in New York, NY.
Brett Parker, President & Chief Financial Officer of Bowlero, will participate in a fireside chat at 3:50 PM ET on Tuesday, December 6, 2022. Mr. Parker will also be available for meetings during the conference.
For more information, or to request a meeting with management, please reach out to your UBS representative.
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.
Prepared remarks via webcast on November 16 at 4:30 PM ET
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL) (“Bowlero” or the “Company”), the world’s largest owner and operator of bowling centers, will report financial results for the first quarter of fiscal 2023 on Wednesday, November 16, 2022 after the U.S. stock market closes. Management will discuss the results via webcast at 4:30 PM ET on the same day.
The live webcast, replay and results presentation will be available in the Events & Presentations section of the Bowlero Investor Relations website at https://ir.bowlerocorp.com/overview/default.aspx.
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 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.
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL), the world’s leader in bowling entertainment, announced today that Thomas Shannon, Founder & Chief Executive Officer of Bowlero Corp., will be interviewed by Jim Cramer on tonight’s edition of Mad Money with Jim CrameronCNBC.
The interview is scheduled to air tonight during the 6:00 PM ET showing of Mad Money. To view the interview, please visit CNBC’s website at www.cnbc.com/live-tv/ or visit the CNBC channel anywhere you get live TV.
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 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.
Marks the Company’s 10th, 11th, and 12th Completed Acquisitions of 2022
Robust Pipeline of Definitive Agreements Remain
RICHMOND, Va., Oct. 20, 2022 /PRNewswire/ — Bowlero Corp., (NYSE: BOWL) the world’s leader in bowling entertainment, announced today that it has completed three more acquisitions from its pipeline of definitive agreements in 2022. This marks the Company’s 7th completed acquisition of FY23.
Brett Parker, President & Chief Financial Officer of Bowlero Corp stated, “We are delighted with the pace and quality of our acquisitions so far in 2022, with these completions marking our 45th location in California and expanding our presence in Wisconsin from three to five.”
On the West Coast, Strikes Unlimited is a 50-lane center in Sacramento, CA with state-of-the-art technology, arcade games, an on-site pro-shop and home to the Halftime Bar and Grill.
Super Bowl Family Entertainment Center, located in Wisconsin, is a 48-lane center featuring a wide selection of arcade games, blacklight bowling, leagues and a sports bar and grill. Additionally, located minutes away from downtown Milwaukee, is JB’s on 41. With 10 private luxury suites, 35 modern bowling lanes, 40 arcade games and much more, this location is a nationally and locally ranked top bowling and entertainment destination.
All three locations will officially open under Bowlero Corp management the weekend of October 21st.
“Our pipeline for additional deals remains robust, and we will continue to pursue accelerated growth through our proven strategy of acquisitions and new builds,” said Parker in closing.
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 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
