M&A · Industrials · Services-Amusement & Recreation Services
Bowlero Corp. to acquire Bowl America Inc
Announced May 28, 2021 · Closed Aug 16, 2021
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$8.53 per share
Transaction
- Acquirer
- Bowlero Corp.
- Target
- Bowl America Inc
- Buyer type
- Strategic
- Offer price per share
- $8.53
- Enterprise value
- —
- Status
- Closed Aug 16, 2021
Deal protections
- Break fee (target pays)
- $1.6M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Kroll
Sector context · Industrials
- Comparable deals
- 25 in the prior 24 months
- Premium
- Sector median 27.0%
- EV / Adj. EBITDA
- Sector median 10.5x
- Break fee
- Sector median 2.5%
Timeline
- AnnouncedMay 28, 2021
- Proxy filedJun 23, 2021
- Definitive proxyJul 13, 2021
- Shareholder voteAug 11, 2021
- ClosedAug 16, 2021
Valuation · fairness opinions
Trading comparables$7.54$8.69
Trading comparables$6.75$7.69
Trading comparables$6.94$8.09
Trading comparables$6.15$7.09
Offer $8.53
Implied value per Bowl America Inc share by analysis, from Kroll.