82.1 F
San Fernando
Friday, Dec 1, 2023

Bowlero Buys Lucky Strike for $90 Million

Lucky Strike Entertainment LLC is now owned by Bowlero Corp.

The Sherman Oaks-based bowling alley operator was bought by its Mechanicsville, Virginia-based competitor in an all-cash deal valued at $90 million.

With the completion of the transaction on Sept. 18, Bowlero owns all 14 Lucky Strike bowling centers, increasing the company’s national footprint to 345 centers in 36 states, according to Bowlero.

The transaction launches Bowlero into the heart of some of the U.S.’s largest cities, including Los Angeles, Chicago, Boston, Denver, Philadelphia, San Francisco and Honolulu.

Thomas Shannon, founder and chief executive of Bowlero, said the company welcomes Lucky Strike to the family.

“All 14 of the Lucky Strike centers are located in prime cities and areas across the country and we expect them to be top-performers within our business,” Shannon said in a statement.

The company and its employees look forward to bringing the successful Bowlero operating ethos to the Lucky Strike brand and portfolio, he added.

“We expect to improve upon the already strong financial profile of these assets and, like at all of our centers, will continue to be perpetual tinkerers oriented towards maximizing the growth of our business and shareholder value,” Shannon said.

With 345 bowling centers across North America, Bowlero serves nearly 30 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes and AMF. It also owns the Professional Bowlers Association, which has a television partnership with Fox Sports.

In the greater San Fernando Valley region there are Bowlero locations in Woodland Hills, Lancaster and Palmdale. There are no Lucky Strike locations in the Valley. In Los Angeles there are two locations of Lucky Strike – the original at the Ovation Hollywood complex (formerly Hollywood & Highland) and downtown at LA Live.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

Featured Articles

Related Articles