(RTTNews) - Bowlero Corp. (BOWL), a bowling entertainment company, announced on Tuesday that it has entered into a definitive agreement to acquire Lucky Strike Entertainment, an upscale bowling company for approximately $90 million in cash.
The transaction is expected to close in the first half of fiscal 2024.
Under the agreement, Bowlero will acquire all of the 14 locations of Lucky Strike bowling centers increasing the footprint of Bowlero to 343 centers in 35 states. The deal launches the company into the the heart of US's largest cities, including Boston, Denver, Chicago, Los Angeles, Philadelphia and San Francisco.
"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.", said Brett Parker, President of Bowlero Corp.
Currently, shares of Bowlero are trading at $11.63 up 0.66% or $0.08 on the New York Stock Exchange.
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