Bowlero Continues Midwest Expansion With Two Acquisitions

Bowlero Continues Midwest Expansion With Two Acquisitions
  • Bowlero Corp BOWL has entered into a definitive agreement to acquire The Mark near Omaha, Nebraska. The Mark is a family entertainment center offering a variety of activities such as bowling, leagues, and events.
  • The center is over 85,000 sq. ft. and is home to 40 lanes, basketball and volleyball courts, an arcade, a full-service kitchen, and a sports bar. The company expects to complete the acquisition in mid-November.
  • Bowlero has also completed the acquisition of Thunderbowl in nearby Council Bluffs, Iowa. Thunderbowl features 32 lanes, an interactive arcade and an on-site pro-shop.
  • Thus far, in FY23, Bowlero entered into eight definitive agreements, with four completed acquisitions. The company also moves towards completing the remaining acquisitions in the coming months.
  • The company held $132.2 million in cash and equivalents as of July 3, 2022.
  • "We have been considering the Omaha market for some time and fortunately excellent acquisition opportunities arose," said CEO Thomas Shannon.
  • Price Action: BOWL shares are trading lower by 1.46% at $12.79 on the last check Thursday.

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