Bowlero Corp stock climbed Wednesday morning after the bowling giant revealed that it has struck a definitive agreement to acquire Andy B’s in Tennessee.
The completion of the acquisition will mark Richmond, Virginia-based Bowlero’s first center in the southern US state.
“We are pleased to enter a new market, expanding our national footprint to 34 states,” Bowlero founder CEO Thomas Shannon said in a statement.
“We continue to pursue quality acquisitions, and Andy B’s is a significant addition to our company.”
Investors reacted to the news, sending Bowlero stock up 4.5% up on the New York Stock Exchange.
“We have a strong pipeline of acquisitions so far in 2023,” said Shannon who is looking at acquisitions to fuel the company’s growth blueprint.
Bowlero has already struck four definitive agreements for the acquisition of additional bowling centers this year.
It has more than 325 bowling centers across North America, and serves over 30 million people every year through its Bowlero, Bowlmor Lanes, and AMF brands.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive