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Bowlero Corp.(NYSE:BOWL) announced on Thursday that it closed on the acquisition of Double Decker Lanes in Sonoma, California.
Double Decker Lanes is a 50-lane bowling center featuring a full-service lounge, sports bar, a banquet room for private events, arcade games, billiards, and an elite pro shop. The site is expected to open under Bowlero Corp. (BOWL) management on December 17th.
The deal marks the 16th completed acquisition for the company in the calendar year. Of note, the bowling center operator now has 46 locations in the state of California.
Oppenheimer is bullish on Bowlero’s (BOWL) upside.
“It is ~7x larger than the No. 2 player, and the remaining industry is highly fragmented. The company’s emphasis on bowling first, focus on a diverse and sophisticated customer, and proprietary operating system have generated industry-leading margins.”
The firm has an Outperform rating on BOWL and price target of $16.
See all the growth metrics on Bowlero.