Bowlero is set to go public via special purpose acquisition company Isos Acquisition Corp ISOS with an enterprise value of approximately $2.6 billion.
Brett Parker, president, vice chairman and CFO of Bowlero, appeared on Benzinga's YouTube show "SPACs Attack" for an exclusive interview Wednesday.
Bowlero owns the Professional Bowlers Association (PBA) and operates approximately 320 bowling centers across North America.
The acquisition of the PBA gave the company a "two-pronged value creation engine," Parker told Benzinga. As PBA viewership increases, the company is able to drive more people to its bowling centers, he added.
Bowling is the largest participatory sport in the U.S. and provides a $4.5 billion total addressable market for Bowlero.
Bowling isn't age- or gender-specific and "you don't have to be good at it to have a good time," Parker said.
Bowlero was able to make bowling appeal to the modern consumer by complementing the core activity of bowling with superb service, high-quality food and beverages, and dynamic audio and visual features, he explained.
Following the COVID-19 pandemic, guests have come "roaring back," Parker said.
See the full interview here:
- 25-year history of "continuous growth and profitability."
- Bowlero acquired PBA in 2019. The company has an existing partnership with FoxBet sportsbook. Bowlero sees further opportunities for growth through acquisitions.
- Existing media project with NBC. The company is in talks with Netflix Inc NFLX for additional media projects. Bowlero saw the highest bowling viewership numbers in 2020, despite COVID-19 challenges.
- Bowlero is currently generating 113% of pre-pandemic revenues. Expected revenue in 2022 is $859 million.
- Bowlero plans to utilize licensing deals internationally.
SPAC Notes: The momentum of the SPAC market and the ability to provide advanced projections led Bowlero to go public via the SPAC route, Parker said.
The SPAC merger is expected to close in October 2021. Pending shareholder approval, the combined company will be listed on the New York Stock Exchange as Bowlero and trade under the ticker symbol "BOWL."
ISOS Price Action: Isos Acquisition Corp has traded as high as $10.28 and as low as $9.63 since its IPO in March.
The stock closed down 0.20% at $9.90 on Wednesday.
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