Bowlero Corporation

Last updated

Bowlero Corp.
FormerlyBowlmor AMF (2013–2018)
Company type Public
Industry Bowling
Predecessor AMF Bowling Worldwide
FoundedJuly 2013;11 years ago (2013-07)
Headquarters Mechanicsville, 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
RevenueIncrease2.svg US$911.7 million (2022)
Increase2.svgUS$114.1 million (2022)
Increase2.svgUS$–40.2 million (2022)
Total assets Increase2.svgUS$1.9 billion (2022)
Total equity Decrease2.svgUS$192.3 million (2022)
Number of employees
approx. 10,083 (July 2023)
Website bowlerocorp.com

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]

Contents

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

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

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

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

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

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]

Banners

Bowlero Times Square in 2023 Bowlero W44 St 2023 jeh.jpg
Bowlero Times Square in 2023

Bowlero Corporation operates bowling centers under several banners:

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]

Related Research Articles

<span class="mw-page-title-main">Ten-pin bowling</span> Type of bowling

Ten-pin bowling is a type of bowling in which a bowler rolls a bowling ball down a wood or synthetic lane toward ten pins positioned evenly in four rows in an equilateral triangle. The goal is to knock down all ten pins on the first roll of the ball, or failing that, on the second roll. While most people approach modern ten-pin bowling as a simple recreational pastime, those who bowl competitively, especially at the highest levels, consider it a demanding sport requiring precision and skill.

Brunswick Corporation, formerly known as the Brunswick-Balke-Collender Company, is an American corporation that has been developing, manufacturing and marketing a wide variety of products since 1845. Brunswick has more than 13,000 employees operating in 24 countries. Brunswick owns major boating brands, including Sea Ray, Boston Whaler, Bayliner, Mercury Marine, Attwood, Lund, Crestliner, Mastervolt, MotorGuide, Harris Pontoons, Freedom Boat Club, Princecraft, Heyday, Lowe, Uttern, Quicksilver and CZone, among many others. In 2021, Brunswick reported sales of US$5.8 billion. Brunswick's global headquarters is in the northern Chicago suburb of Mettawa, Illinois.

<span class="mw-page-title-main">AMF Bowling</span> Bowling center operator and equipment manufacturer

AMF Bowling is a major operator of bowling centers and major manufacturer of bowling equipment.

<span class="mw-page-title-main">Perfect game (bowling)</span> Highest score possible in a bowling game

A perfect game is the highest score possible in a game of bowling, achieved by scoring a strike with every throw. In bowling games that use 10 pins, such as ten-pin bowling, candlepin bowling, and duckpin bowling, the highest possible score is 300, achieved by bowling 12 strikes in a row in a traditional single game: one strike in each of the first nine frames, and three more in the tenth frame.

<span class="mw-page-title-main">Pinsetter</span> Machine used to set bowling pins

In bowling, a pinsetter or pinspotter is an automated mechanical device that sets bowling pins back in their original positions, returns bowling balls to the front of the alley, and clears fallen pins on the pin deck. Prior to the machine's invention, pinsetters were boys or young men hired at bowling alleys to manually reset pins and returned balls to the player. The first mechanical pinsetter was invented by Gottfried (Fred) Schmidt, who sold the patent in 1941 to AMF. Pinsetting machines have largely done away with pinsetting as a manual profession, although a small number of bowling alleys still use human pinsetters. While humans usually no longer set the pins, a pinchaser is often stationed near the equipment to ensure it is clean and working properly, and to clear minor jams.

<span class="mw-page-title-main">Clara Guerrero</span> Colombian ten-pin bowler

Clara Juliana Guerrero Londoño is a right-handed Colombian ten-pin bowler who has won Colombian championships and multiple international championships. She has been a member of Team Colombia for twenty years, and another half dozen years on Junior Team Colombia. She has one title on the PWBA Tour since the rebirth of the Professional Women's Bowling Association in 2015.

<span class="mw-page-title-main">QubicaAMF Bowling World Cup</span>

The QubicaAMF Bowling World Cup, previously known as the International Masters and AMF Bowling World Cup, is an annual Ten-pin bowling championship sponsored by QubicaAMF Worldwide, and the largest in bowling in terms of number of participating nations. Each nation chooses one male and/or one female bowler to represent them in the tournament, and in the majority of cases, this is done by running a qualifying tournament, the winners of which are chosen.

Paul Moor, of Kingston-upon-Hull, East Riding of Yorkshire, England is one of the world's leading ten-pin bowlers. He bowls on the European Bowling Tour (EBT) and has been a member of the Professional Bowlers Association (PBA) for several years.

<span class="mw-page-title-main">Chris Barnes (bowler)</span> American professional bowler (born 1970)

Chris Barnes is an American professional bowler and member of the Professional Bowlers Association (PBA), who currently competes on both the PBA Tour and PBA50 Tour. He has also competed internationally as a member of Team USA.

The PBA Tour is the major professional tour for ten-pin bowling, operated by the Professional Bowlers Association. Headquartered in Mechanicsville, Virginia, over 3,000 members worldwide make up the PBA. While most of the PBA members are Regional professionals, a small percentage of the bowling membership competes at the national and international level, forming the PBA Tour. Founded in 1958, the PBA Tour has been in continuous operation since the inaugural 1959 season.

<span class="mw-page-title-main">Professional Bowlers Association</span> Organization

The Professional Bowlers Association (PBA) is the major sanctioning body for the sport of professional ten-pin bowling in the United States. Headquartered in Mechanicsville, Virginia, and currently owned by Bowlero Corporation since 2019, the PBA's membership consists of over 3,000 members worldwide. Members include "pro shop" owners and workers, teaching professionals and bowlers who compete in the various events put on by the Association.

Aura Mireya Guerra López is a Dominican ten-pin bowler who won back to back Qubica AMF Bowling World Cup Titles.

<span class="mw-page-title-main">Automatic scorer</span> Scoring system for ten-pin bowling

An automatic scorer is the computerized scoring system to keep track of scoring in ten-pin bowling. It was introduced en masse in bowling alleys in the 1970s and combined with mechanical pinsetters to detect overturned pins.

Brunswick Bowling & Billiards was the business segment of Brunswick Corporation that historically encompassed three divisions. Billiards, which was the company's original product line, expanded to include other table games such as table tennis, air hockey, and foosball. Brunswick began manufacturing Bowling equipment and products in the 1880s. The bowling equipment line was sold to BlueArc Capital Management in 2015, which continues to use the Brunswick name among other brands. Brunswick began to directly operate Bowling centers in the mid 1960s. In 2014, the bowling centers were sold to Bowlero Corporation, which phased out the Brunswick name by 2020. The billiard operations were placed in the fitness equipment division, which was spun-off into Life Fitness in 2019. In 2022, the Brunswick Billiards line was sold to Escalade Sports.

<span class="mw-page-title-main">Bowling</span> Class of sports in which a player rolls a ball towards a target

Bowling is a target sport and recreational activity in which a player rolls a ball toward pins or another target. The term bowling usually refers to pin bowling, most commonly ten-pin bowling, though in the United Kingdom and Commonwealth countries, bowling may also refer to target bowling, such as lawn bowls. Bowling is played by 120 million people in more than 90 countries, including 70 million people in the United States alone.

Bowling on NBC is a presentation of professional ten-pin bowling matches from the PBA Tour formerly produced by NBC Sports, the sports division of the NBC television network in the United States.

Bowlmor Lanes is the upscale brand of ten-pin bowling and entertainment centers operated by Bowlero Corporation. There are currently 18 Bowlmor Lanes centers, nine of which are former AMF 300 centers and three are former AMF Bowling Centers.

The World Bowling Singles Championships is a Ten-pin bowling event open to members of World Bowling. This gives World Bowling a World Championship event every year, filling a void left from previous years. Each member federation can send up to two men and two women to compete. The event is split up into two separate tournaments, one for men and one for women.

<span class="mw-page-title-main">QubicaAMF Worldwide</span> Italian bowling equipment provider

QubicaAMF Worldwide or QubicaAMF is a bowling equipment provider. The company has U.S. headquarters in Richmond, Virginia and European headquarters in Bologna, Italy.

Thomas Peter "Tom" Clark is an American sports executive who has served as Commissioner of the Professional Bowlers Association (PBA) since 2011. Clark took over as commissioner following the retirement of Fred Schreyer, who had filled the dual role of PBA Commissioner and CEO since 2005.

References

  1. 1 2 3 4 "Bowlero Locations". bowlerocorp.com. Retrieved November 20, 2019.
  2. ↑ "Q4 2015 Financial Report" (PDF). Retrieved October 18, 2015.
  3. 1 2 "It's a Done Deal: Bowlero Corp. Acquires the PBA". BowlersJournal.com. September 10, 2019. Retrieved November 23, 2019.
  4. 1 2 "Bowlero Corp Announces the Purchase of the Professional Bowlers Association". PR Newswire. September 10, 2019. Retrieved November 20, 2019.
  5. 1 2 "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. 1 2 3 4 5 "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. 1 2 "Bowlmor and AMF Bowling Worldwide Announce Completion of Merger". BusinessWire. July 1, 2013.
  10. 1 2 "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. 1 2 "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. ↑ "Bowlmor AMF to open "nostalgic" bowling alley near The Woodlands". Houston Business Journal. May 2, 2014.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.