Bowlero Continues Midwest Expansion With Two Acquisitions

Bowlero Corp BOWL has entered into a definitive agreement to acquire The Mark near Omaha, Nebraska. The Mark is a family entertainment center offering a variety of activities such as bowling, leagues, and events.
The center is over 85,000 sq. ft. and is home to 40 lanes, basketball and volleyball courts, an arcade, a full-service kitchen, and a sports bar. The company expects to complete the acquisition in mid-November.
Bowlero has also completed the acquisition of Thunderbowl in nearby Council Bluffs, Iowa. Thunderbowl features 32 lanes, an interactive arcade and an on-site pro-shop.
Thus far, in FY23, Bowlero entered into eight definitive agreements, with four completed acquisitions. The company also moves towards completing the remaining acquisitions in the coming months.
The company held $132.2 million in cash and equivalents as of July 3, 2022.
"We have been considering the Omaha market for some time and fortunately excellent acquisition opportunities arose," said CEO Thomas Shannon.
Price Action: BOWL shares are trading lower by 1.46% at $12.79 on the last check Thursday.