Bowlero (NYSE:BOWL) stock is on the move Wednesday after the company announced plans to acquire Lucky Strike Entertainment.
With this deal, Bowlero is adding 14 locations across nine states to its business. The company will also continue to maintain the Lucky Strike brand with this acquisition. Bringing Lucky Strike into its fold comes through an all-cash transaction valued at about $90 million.
Bowlero is expecting its acquisition of Lucky Strike to close in the first half of its fiscal 2024 year. After the deal closes, the company will operate 343 bowling centers across 35 states. That includes locations in major cities, such as Boston, Denver, Chicago, Los Angeles, Philadelphia and San Francisco.
Brett Parker, President of Bowlero, said the following about the Lucky Strike acquisition:
“The 14 centers set to be acquired in this transaction have a fantastic financial profile. With annual average unit volumes of over $6 million, these assets offer a tremendous opportunity for the Bowlero team to apply QMS-driven optimization and grow profitability off of an already strong base.”
BOWL Stock Movement
BOWL stock started off down on Wednesday after announcing its acquisition plan. That’s not unusual, as a buyer’s stock sometimes drops on acquisition news. However, the stock has recovered from its fall today and is now largely unmoved from yesterday’s closing price.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
