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Bowlero Corporation

Bowlero Corporation (formerly known as Bowlmor AMF) is an American bowling center operator. It is the largest ten-pin bowling center operator in the world with over 325 centers, almost all of which are located in the United States.[1] The centers have an average of 40 lanes compared to the U.S. bowling center average of 21 lanes.[2]

Bowlero Corp.
FormerlyBowlmor AMF (2013–2018)
Company typePublic
IndustryBowling
PredecessorAMF Bowling Worldwide
FoundedJuly 2013; 11 years ago (2013-07)
HeadquartersMechanicsville, Virginia, U.S.
Number of locations
327 (2023)
Key people
Thomas F. Shannon (Chairman and CEO)
Brett I. Parker (President, Vice-Chairman, and CFO)
Brands
RevenueIncrease US$911.7 million (2022)
Increase US$114.1 million (2022)
Increase US$–40.2 million (2022)
Total assetsIncrease US$1.9 billion (2022)
Total equityDecrease US$192.3 million (2022)
Number of employees
approx. 10,083 (July 2023)
Websitebowlerocorp.com

As of September 2019, Bowlero Corporation is also the parent company of the Professional Bowlers Association (PBA).[3][4]

The company's main bowling center brands in the United States include the namesake Bowlero brand, the upscale Bowlmor Lanes, and the legacy AMF Bowling brand. The company's U.S. centers represent 7% of the country's 4,200 commercial bowling centers.[5]

History

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From the 1960s through the early 1980s, league bowling (a weekly group event where several teams bowl against each other over the course of a season) amounted to 75% to 80% of every bowling center's business in the United States. By 2012, that percentage had dropped to 21%. Lifestyle changes in the last few decades had made league bowling less attractive. Additionally, many bowling center owners had shifted their focus to casual bowlers, who bowled at non-discounted prices and spent more on food and beverage, and to special events, which produce substantial revenue and introduce new customers to the center.[5][6]

When Bowlmor Lanes purchased its first center in 1997 to renovate and upscale it, league bowling was eliminated "to ease out regulars who did not cotton to the fancy trappings or the higher prices."[7] That strategy proved so successful that league bowling was not offered at the five other centers the company added, and by 2012 Bowlmor was one of the highest grossing bowling facility operators in North America.[8]

2013: Creation

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Bowlmor AMF was formed in July 2013 when AMF Bowling Worldwide, which had filed for Chapter 11 bankruptcy in May 2012, reorganized and combined with Strike Holdings LLC, which operated the upscale Bowlmor Lanes. The new company was jointly owned by Bowlmor, certain of AMF Bowling's second lien lenders including an affiliate of Cerberus Capital Management, and Credit Suisse. At the time of the merger, the merged company operated 272 bowling centers and had 7,500 employees and a combined annual revenue of approximately $450 million.[9]

In the AMF Bowling reorganization, AMF's second lien lenders converted their debt into equity in Bowlmor AMF. Credit Suisse provided a $230 million term loan facility and a $30 million revolving loan facility, and the largest holders of AMF's existing second lien debt provided $50 million of backstop financing to provide working capital for Bowlmor AMF and to pay cash distributions in varying amounts to AMF's other creditors. AMF's first lien lenders received payment in full, in cash, of principal, interest at the non-default rate, and their fees.[10]

Bowlmor CEO Tom Shannon became Chairman, Chief Executive Officer, and President of the combined company, and Bowlmor's Chief Financial Officer and former president, Brett Parker, became Vice Chairman, Chief Financial Officer, and Executive Vice President. Shannon and Parker collectively retained 22% of Bowlmor AMF[10] and were set to receive bonuses based on their ability to increase the profitability and worth of Bowlmor AMF.[8]

As part of the AMF Bowling reorganization, Bowlmor AMF assumed control of AMF Bowling's 50% interest in QubicaAMF Worldwide, one of the largest manufacturers of bowling products in the world.[9]

When Bowlmor and AMF Bowling combined in 2013, league bowlers at AMF's existing 262 traditional bowling centers worried that the new owner would eliminate league bowling at their centers, too. Some cited a Bloomberg TV interview in which CEO Tom Shannon said, "I don’t think anyone takes bowling seriously – why would you?"[11] Concern grew when Bowlmor AMF significantly cut the operating hours at many centers as a financial measure, and in the process, displaced or eliminated some daytime bowling leagues.

Shannon was said to have responded that, "We plan to increase the league bowling business, not shrink it," citing AMF's "large customer base" in league activity for declaring that its league bowling was "very safe."[citation needed] He said his company has "protected and defended 99% of (its) nighttime leagues"[12] and sees its acquisition of the Brunswick centers as "furthering (its) commitment to league play."[13] A company spokeswoman further stated that the company also aims to "introduce a new generation to league bowling" and wants to support professional bowling, including possible sponsorships of the Professional Bowlers Association (PBA).[14] In October 2014 the PBA entered into an entitlement partnership agreement that made the company an official partner of the PBA.[15]

2014: Merger

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In July 2014, the company announced that it had agreed to acquire all 85 centers of Brunswick Bowling & Billiards in a transaction to be financed by the sale and leaseback of 58 of the centers to iStar Financial, as well as a term loan.[13][16] The acquisition was completed in September 2014.[17]

Shannon was named Bowling Proprietor of the Year in 2014 by Bowlers Journal International Magazine in recognition of his "vision and bold initiatives" to "divide the AMF bowling empire into three distinct brands."[18]

In December 2014 the Qubica founders and partners purchased Bowlmor AMF's 50% interest in Qubica.[19]

Between 2013 and 2015, the company fired 287 managers from its 351 bowling centers. By April 2017, it was facing more than 50 discrimination complaints filed with the federal Equal Employment Opportunity Commission (EEOC), from employees who claimed to have been terminated for their age or appearance.[20]

2017: Private equity ownership

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In June 2017, private equity firm Atairos Group paid in excess of $1 billion to acquire Bowlmor AMF from its previous investors, with Shannon continuing to hold his "significant investment."[21][22]

Bowlmor AMF changed its name to Bowlero Corporation on January 4, 2018.[23]

On September 10, 2019, Bowlero Corporation announced it had purchased the Professional Bowlers Association (PBA).[3] While retaining current PBA Commissioner Tom Clark, Bowlero also appointed its Chief Customer Office (CCO), Colie Edison, to the new role of CEO for the PBA.[4] In an interview with Lucas Wiseman, senior editor for the PBA's FloBowling channel, Edison noted that Bowlero had been in talks with the PBA leadership for a number of years, before finally deciding the time was right for the acquisition.[24]

By January 2020, all remaining Brunswick locations were rebranded with either the Bowlero or AMF names.[25]

On October 9, 2020, Bowlero Corporation was featured on the American TV Series Undercover Boss, with Edison in the role of the disguised boss.[26]

In April 2021, Bowlero partnered with sports betting company, BettorView, in order to display sports data and wagering at multiple locations.[27]

2021: Public listing

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As of June 23, 2021, Bowlero was in merger talks with Isos Acquisition Corporation, a special-purpose acquisition company (SPAC) led by former WWE executives, to go public through a merger.[28][29] On July 1, 2021, Isos Acquisition Corporation announced it had officially merged with Bowlero, with the intent to take Bowlero public and list it on the New York Stock Exchange.[30]

In May 2023, Bowlero announced they had bought all 14 locations of Lucky Strike Lanes, across 9 states.[31] The acquisition was completed on September 18, 2023.[32]

From 2021 to 2023, the company’s annual revenue increased, from a few hundred million dollars, to more than one billion. By 2023, its revenues represented about one quarter of the industry’s total revenue.[33]

In May 2023, CNBC reported that the EEOC was investigating numerous claims of age discrimination and retaliation, and was seeking $60 million to settle the claims.[34] In May 2024, the EEOC concluded a nine-year investigation into Bowlero regarding age discrimination and retaliation complaints, with the EEOC, declining to sue the company but not clearing it of wrongdoing, thereby allowing more than 70 individual claimants to pursue private lawsuits against the company.[35]

In May 2024, Bowlero would purchase Raging Waves Waterpark in Yorkville, Illinois for $49 million dollars.[36]

Banners

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Bowlero Times Square in 2023

Bowlero Corporation operates bowling centers under several banners:

  • Bowlero centers are positioned as traditional bowling centers for open bowling, group events, and leagues, with a "hip, fun environment".[8] Most Bowlero centers are converted AMF or Brunswick Zone centers, while a few are newly constructed or were previously operated under another name by other owners.[1] The brand was introduced in 2014 as a renovation of the AMF Woodlands Lanes in The Woodlands, Texas, featuring "recreational games and inventive menu items set in an eclectic environment that's full of nostalgic throwbacks."[37]
  • Bowlmor Lanes is positioned as a high-end banner designed solely for group events and open play, featuring lounge-styled settings and other food and entertainment options, including recreational games, private party facilities with catering services, sports bars, and full-service restaurants.[8]
  • AMF centers are carried over from the company's purchase of AMF Bowling, and are positioned as traditional bowling centers where bowling leagues play a significant role. Many former AMF locations have been converted to the Bowlero banner, while some have been sold (generally for non-bowling use).[1][8]
  • Lucky Strike Lanes are high-end centers positioned towards high-end play, similar to Bowlmor.

Bowlero Corporation acquired from private owners in 2018 and 2019 a few centers which it continues to operate under their existing business names. Examples include Revel & Roll in Michigan, and The Garage in Washington state.[1]

References

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  1. ^ a b c d "Bowlero Locations". bowlerocorp.com. Retrieved November 20, 2019.
  2. ^ "Q4 2015 Financial Report" (PDF). Retrieved October 18, 2015.
  3. ^ a b "It's a Done Deal: Bowlero Corp. Acquires the PBA". BowlersJournal.com. September 10, 2019. Retrieved November 23, 2019.
  4. ^ a b "Bowlero Corp Announces the Purchase of the Professional Bowlers Association". PR Newswire. September 10, 2019. Retrieved November 20, 2019.
  5. ^ a b "Bowling Industry Overview". Sandy Hansell & Associates. Retrieved August 19, 2017.
  6. ^ "Bowling trends; the bad & good news". White Hutchinson Leisure eNewsletter. July 2012.
  7. ^ "Top Entrepreneurs 2008". Crain’s New York Business. Retrieved March 3, 2014.
  8. ^ a b c d e "Disclosure Statement for the Second Modified Joint Plan of Reorganization of AMF Bowling Worldwide, Inc., and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (Document 818), Case No. 12-36495, United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division" (PDF). Retrieved February 14, 2014.
  9. ^ a b "Bowlmor and AMF Bowling Worldwide Announce Completion of Merger". BusinessWire. July 1, 2013.
  10. ^ a b "Bowlmor Joins AMF's Existing Second Lien Lenders, Including Cerberus and Credit Suisse to Sponsor New Chapter 11 Plan for AMF Bowling Worldwide". BusinessWire. March 18, 2013.
  11. ^ "Interview with Bowlmor Lanes Founder and CEO Tom Shannon". Bloomberg Enterprise (TV). October 27, 2011.
  12. ^ "Building Blocks". Bowling Industry Magazine. May 2014.
  13. ^ a b "Bowlmor AMF to Acquire Brunswick Corporation's Bowling Center Business". PR Newsire. July 17, 2014.
  14. ^ Berr, Jonathan (July 29, 2014). "Why Brunswick is bowing out of the bowling biz". CBS Moneywatch.
  15. ^ "PBA, Bowlmor AMF Sign Entitlement Partnership Agreement". Bowlers Journal International. October 8, 2014.
  16. ^ "iStar Seeking $120M for Bowling Portfolio Acquisition". Commercial Observer. August 1, 2014.
  17. ^ "Bowlmor AMF Completes Acquisition of Brunswick Corporation's Bowling Center Business". MarketWatch. September 18, 2014.
  18. ^ "Centers of Attention: Bowlmor AMF's Tom Shannon knows how to draw a crowd". Bowlers Journal International. June 2014.
  19. ^ "QubicaAMF Poised to Bring in a New Era of Bowling with Fully Invested Qubica Legacy Partners Owners". TalkTenPin. December 1, 2014. Archived from the original on December 14, 2018. Retrieved January 19, 2015.
  20. ^ Fonrouge, Gabrielle (April 20, 2017). "Inside the ugly road Bowlmor took to make bowling cool". New York Post. Archived from the original on May 10, 2024. Retrieved June 1, 2024.
  21. ^ "Private Equity Firm Altairos Buys Bowlmor AMF for more than $1 billion". Fox Business. June 9, 2017.
  22. ^ "Altairos Strikes Cerberus Bowlmor Investment". The Street. June 8, 2017.
  23. ^ "Bowlmor AMF Becomes Bowlero Corporation". PR Newsire. January 4, 2018. Retrieved November 20, 2019.
  24. ^ "PBA Spare Shots: New PBA CEO Colie Edison Talks About PBA's Future in Exclusive FloBowling Interview". PBA.com. September 27, 2019. Retrieved November 20, 2019.
  25. ^ "New Name, Same Great Bowling". Retrieved May 17, 2020.
  26. ^ "Bowlero Corp CCO Colie Edison to be Featured on CBS Hit Series "Undercover Boss," Friday, Oct. 9 | Bowlero Corporation". www.bowlerocorp.com. Retrieved October 10, 2020.
  27. ^ "Bowlero Corp and BettorView Announce Content Distribution Partnership". GamblingNews. April 1, 2021. Retrieved June 24, 2021.
  28. ^ "Bowlero in Merger Talks With SPAC Led by Ex-WWE Executives". Bloomberg L.P. June 23, 2021. Retrieved June 23, 2021.
  29. ^ "Bowlero Corporation SPAC Merger". USStock. June 23, 2021.
  30. ^ Hall, Phil (July 1, 2021). "Westport SPAC Isos Acquisition Corp. merges with Bowlero to take it public". westfaironline.com L.P. Retrieved July 2, 2021.
  31. ^ "Bowlero Corp. to acquire Lucky Strike Entertainment LLC". Press release. May 31, 2023.
  32. ^ "Bowlero Corp. Completes Acquisition Of Lucky Strike - Quick Facts". Press release. September 18, 2023.
  33. ^ "Meet The New Kingpin". The Lever. May 30, 2024. Retrieved June 2, 2024.
  34. ^ Fonrouge, Gabrielle (May 11, 2023). "Bowlero, the public company that reimagined bowling, faces dozens of discrimination claims that the feds want to settle for $60 million". CNBC. Retrieved June 2, 2024.
  35. ^ Fonrouge, Gabrielle (May 6, 2024). "Dozens of former employees plan to sue Bowlero alleging discrimination after EEOC closes case, lawyer says". CNBC. Archived from the original on May 22, 2024. Retrieved June 1, 2024.
  36. ^ "Genesis Capital Advises Raging Waves on Sale to Bowlero Corporation (NYSE: BOWL) | Genesis Capital". Retrieved November 23, 2024.
  37. ^ "Bowlmor AMF to open "nostalgic" bowling alley near The Woodlands". Houston Business Journal. May 2, 2014.
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