Bowlero Buying Lucky Strike For $90M, Expanding Nationwide Reach
Bowling alley owner Bowlero is growing its business, buying the 14-location Lucky Strike chain in an all-cash deal valued at $90M.
“Lucky Strike is a premier experiential entertainment brand,” Bowlero Corp. CEO Thomas Shannon said in a statement. “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.”
The acquisition is expected to close in the first half of Bowlero's fiscal year 2024.
Lucky Strike is considered an upscale bowling spot. Its first location opened in 2013 at Hollywood & Highland in the heart of Hollywood.
The purchase price works out to approximately nine times Lucky Strike’s $11M earnings before interest, taxes, depreciation and amortization in the 12 months ending March 2023 and about equivalent to Lucky Strike’s revenue of $87M in the same period.
The deal comes as competitive socializing concepts — those that combine games like golf with food and beverages — have exploded in popularity.
With the addition of Lucky Strike's locations, Bowlero will have 343 centers in 35 states.
