(Bloomberg) -- Bowlero Corp., an owner and operator of bowling centers, agreed to go public through a merger with blank-check company Isos Acquisition Corp. in a deal valuing the combined entity at $2.6 billion, according to people familiar with the matter.
The transaction includes a $450 million private investment in public equity, or PIPE, from investors including funds managed by Apollo Global Management Inc., Brigade Capital Management, Soros Fund Management LLC, Donerail Group LP and Wells Fargo Asset Management, said the people, who asked not to be identified because the information was private. The combined company will trade on the New York Stock Exchange under the symbol BOWL, the people said.
Bowlero, with 300 centers in North America, is seeking to expand through acquisitions, upgrades and development of greenfield locations. The company, led by Chief Executive Officer Tom Shannon, is also eyeing growth opportunities through gamification and sports betting, the people said.
The New York-based company has more than 12,000 lanes at its venues that are visited by more than 28 million customers annually, according to its website. Bloomberg reported on the talks with Isos earlier this month.
The company will continue to be led by its current management team and is slated to have a nine-person board, according to the people. Bowlero's revenue for 2022 is expected to be $859 million while its earnings before interest, taxes, depreciation and amortization are forecast to be $275 million, the people said.
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