Bowlero Continues Expansion, Closes Two Acquisitions

Investing

Published: October 14, 2022 4:11 am

Last Updated: October 14, 2022 12:47 pm

Bowlero Corp. (US:BOWL) said on Thursday it’s expanding operations in the Midwest, striking a deal to buy The Mark near Omaha, NE and has completed the acquisition of Thunderbowl in nearby Council Bluffs, IA.

It said its seven other pending purchases are under definitive agreements and should close in the next few months.

Bowlero shares rose 2.4% on Thursday.

The Mark is a family entertainment center offering bowling, leagues and events. Its 85,000-square-foot facility houses 40 lanes, basketball and volleyball courts, an arcade, a full-service kitchen and a sports bar.

Thunderbowl has 32 lanes, an interactive arcade and an on-site pro shop.

“We have been considering the Omaha market for some time, and fortunately, excellent acquisition opportunities arose,” said Thomas Shannon, Founder and CEO of Bowlero Corp. “These two venues are undoubtedly great additions to our growing portfolio.”

The addition of these two locations is part of Bowlero Corp’s growth strategy, expanding the company’s footprint in key markets.

Thunderbowl will officially open under Bowlero Corp’s management as of Oct. 14. The acquisition of The Mark is expected to be completed in mid-November.

Bowlero operates more than 300 bowling centers in North America, servings 27 million visitors annually.

It also owns The Professional Bowlers Association, the major league of bowling.

The company last month posted $6.9 million of fiscal fourth quarter net income but reported a $29.9 million loss for the fiscal year 2022, citing SPAC-related costs.

Fourth quarter EBITDA almost doubled to $82.4 million.

This article originally appeared on Fintel

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