Company Offering One Free Bowling Game Today to Customers Nationwide to Celebrate Listing
Listing follows completion of business combination with Isos Acquisition Corporation.
Bowlero to ring opening bell at the New York Stock Exchange today at 9:30 am ET.
RICHMOND, Va., Dec. 16, 2021 (GLOBE NEWSWIRE) -- Bowlero Corp. (“Bowlero” or the “Company”), the world’s largest owner and operator of bowling centers, as well as owner of the Professional Bowlers Association (PBA), announced that its Class A common stock and warrants will begin trading today on the New York Stock Exchange under the symbols “BOWL” and “BOWL WS”, respectively.
Management will participate in an opening bell ceremony at the New York Stock Exchange today in celebration of the public listing, following yesterday’s completion of a business combination with Isos Acquisition Corporation.
To thank its customers, Bowlero today is offering one free bowling game per customer nationwide at all Bowlero Corp. centers including Bowlero, Bowlmor Lanes, AMF and Bowl America until 8pm local time.
“We have come a long way since we acquired our first location in New York City in 1997 and turned it into a popular, and very profitable hotspot. We want to thank our associates for all of their hard work as well as our biggest advocates, our customers, because we wouldn’t have been able to do this without them,” said Tom Shannon, Founder, Chairman and Chief Executive Officer of Bowlero. “We now own and operate more than 300 bowling centers across North America and look forward to continuing to revolutionize the bowling industry as a public company.”
“I would like to thank the entire Bowlero team, as well as our partners at Isos, for their support and dedication throughout this process,” said Brett Parker, President and Chief Financial Officer of Bowlero. “We look forward to building upon our success in revolutionizing the bowling industry as a public company as we expand Bowlero’s footprint, continue our development of the PBA, and pursue opportunities around gamification and sports betting.”
Bowlero Corp. outperformed expectations for the quarter ended September 26, 2021, the first quarter of its 2022 fiscal year, while dramatically outpacing pre-pandemic performance. The Company went on to announce record leisure revenue and four new bowling centers in the nine weeks ended November 28, 2021, with total bowling center revenue up 20.3% to $134 million versus pre-pandemic levels in the corresponding period of calendar year 2019.
“We are excited to be part of Bowlero’s very impressive success story,” said Isos co-Founders and co-CEOs Michelle Wilson and George Barrios. “Bowlero’s robust growth and financial track record are a testament to the superior bowling experience that Bowlero offers customers and the highly integrated business that Tom and Brett have built. We look forward to our continued partnership with the Bowlero team as Board members, where we will leverage our combined experience to drive long-term shareholder value.”
Joining the board of Bowlero alongside Messrs. Shannon, Parker, Barrios and Ms. Wilson are independent members: Sandeep Mathrani, CEO of WeWork; Robert J. Bass, former vice chairman of Deloitte & Touche LLP; and John A. Young, former President and CEO of Colfax Corporation. Other board members include Michael J. Angelakis, Chairman and CEO of Atairos, and Rachael A. Wagner, a partner at Atairos.
Bowling is the largest participatory sport in the U.S. with approximately 70 million people bowling each year. More than 26 million guests bowl on Bowlero’s more than 12,000 bowling lanes each year. Bowlero bowling centers’ average annual revenue is more than double the industry average. Bowling is a highly fragmented industry with about 3,500 independent operators in the U.S. alone, which represents an attractive consolidation opportunity for Bowlero to drive further growth.
J.P. Morgan Securities LLC acted as financial advisor to Bowlero. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as acting as legal advisor to Bowlero. Davis Polk acted as legal advisor to Atairos, a significant holder of Bowlero’s equity. Proskauer acted as legal advisor to management.
LionTree Advisors LLC served as financial advisor and placement agent to Isos. Hughes Hubbard & Reed LLP acted as legal advisor to Isos. J.P. Morgan Securities LLC acted as lead placement agent and capital markets advisor to Isos. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to J.P. Morgan Securities LLC and LionTree Advisors LLC in their capacities as placement agents.
About Bowlero Corp.
Bowlero Corp. is the worldwide leader in bowling entertainment, media, and events. With more than 300 bowling centers across North America, Bowlero Corp. serves more than 26 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Bowlero’s expectations with respect to future performance. Bowlero’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Bowlero’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the impact of COVID-19 or other adverse public health developments; (2) costs related to the business combination; (3) the ability of Bowlero to grow and manage growth profitably, maintain relationships with customers, compete within its industry and retain its key employees; (4) the possibility that Bowlero may be adversely affected by other economic, business, and/or competitive factors; (5) the risk that the market for Bowlero’s entertainment offerings may not develop on the timeframe or in the manner that Bowlero currently anticipates; (6) general economic conditions and uncertainties affecting markets in which Bowlero or operates and economic volatility that could adversely impact its business, including the COVID-19 pandemic and (7) other risks and uncertainties that were detailed in the proxy statement/prospectus filed on Form S-4 with the SEC and as indicated from time to time in Bowlero’s filings with the SEC. Forward looking statements speak only as of the date they are made. Except as required by law, Bowlero does not have any intention or obligation to update or to publicly announce the results of any revisions to any of the forward-looking statements to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements.