Bowlero Acquires Lucky Strike Entertainment For $90M, Adding 14 Locations Across Nine States - Bowlero (NYSE:BOWL)

Bowlero Corp BOWL has entered into a definitive agreement to acquire substantially all of the assets of Lucky Strike Entertainment LLC, an upscale bowling company with 14 locations across nine states.
The deal will be in an all-cash transaction valued at approximately $90 million.
Bowlero will acquire all 14 Lucky Strike bowling centers, increasing the company's national footprint to 343 centers in 35 states.
"Lucky Strike's impressive family of locations in flagship cities across the country naturally complements our national footprint, immediately launching our presence in major cities like Boston, Chicago and Denver," said Bowlero founder and CEO Thomas Shannon.
The company held $161 million in cash and equivalents as of April 2, 2023.
Price Action: BOWL shares closed lower by 3.43% at $11.55 on Tuesday.