Sale Leaseback of 38 Bowling Entertainment Centers with Bowlero Corp.
WHO IS BOWLERO?
Bowlero is a Global Leader and Market Innovator in Bowling Entertainment with a Decades Long History as the
Largest Operator of Bowling Centers in the World
350
Properties in
North America
$1.1 Bn
FY23 Consolidated
Revenue (1)
-$200MM
Annual Free
Cash Flow
1938
The original
Bowlmor
Lanes opens
its doors in
Greenwich
Village, NYC
$2.9Bn
Enterprise
Value
$354MM
FY23 Adjusted
EBITDA (1)
2.7x
FY23 Net
Leverage (¹)
R
AMF
2013
Bowlmor
Lanes acquires
AMF Bowling
and creates
Bowlmor AMF
BOWL
NYSE
Ticker
33.5%
FY23 Adjusted
EBITDA Margin(1)
Boulgu
2014
-30MM
Guests
Per Year
2014
Bowlmor AMF
launches its
new brand
Bowlero, in
Woodlands,
Texas
Long-Standing Track Record of Strategic Growth & Acquisitions
BOWLERO
CORPORATION
2018
Largest bowling operator with a diverse portfolio in highly
attractive markets across North America
Highly profitable model that yields -$200mm of cash flow per year
for reinvestment through conversions, acquisitions and new builds
yielding returns between 25-40% (2)
Bowlmor AMF Bowlmor AMF
acquires the officially
Brunswick
becomes
Corporation's Bowlero
bowling center Corporation
business
Sector-leading economics with Corporate FY23 Adj. EBITDA
margins of 33.5% (1) and industry-leading free cash flow conversion
Proven and sustainable roll-up strategy with identified future
growth opportunities in a highly fragmented industry
Experienced management team with a history of innovation and
successful execution of growth strategy, driving attractive returns
PBAS
2019
Bowlero Corp
purchases the
Professional
Bowlers
Association
1997
Tom Shannon
acquires and
sets out to
revolutionize
Bowlmor Lanes
into an upscale
bowling
experience
Source: Bowlero FY 2023 public filings, FactSet as of October 13, 2023.
(1) Represents FY2023 ended July 2, 2023. Refer to page 13 for a reconciliation of these non-GAAP financial measures to the nearest GAAP equivalent and to Bowlero's public filings for additional information with
respect to Bowlero's historical financial results and non-GAAP financial measures, including definitions and footnotes with respect thereto. (2) Indicative one-year unlevered returns to Bowlero based on a dataset from
FY16-FY22, including gross investments of $150MM for Conversions, ~$155MM for Acquisitions and ~$65MM for New Builds. Acquisitions includes the benefit of subsequent sales of underlying land and/or centers.
New Build includes the benefit of Tenant Improvement Allowances.
VICI
2020
BOWLERO
Bowlero begins
in-center
gamification
initiatives
2021
Moneybowl
Bowlero goes
public in
December
2021 after
merging with
Isos
Bowlers
2022
In-center
gamification:
Launches
MoneyBowl
LUCKY STRIKE
2023
Bowlero
exceeds
$1.0Bn in total
FY23 revenue
Announces
acquisition of
Lucky Strike
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