July 01, 2013
Bowlmor and AMF Bowling Worldwide Announce Completion of Merger
The New Company, Bowlmor AMF, is the Largest Operator of Bowling Centers in the World
NEW YORK — AMF Bowling Worldwide, Inc. and certain of its affiliates (“AMF”) and Strike Holdings LLC (known as “Bowlmor”), today announced the completion of their merger. The new company, known as Bowlmor AMF, is the largest operator of bowling centers in the world with 7,500 employees, 272 bowling centers and combined annual revenue of approximately $450 million.
“For generations, the AMF brand has been synonymous with bowling in America”
As a result of the transaction, AMF, which filed for Chapter 11 in November 2012, will reorganize and combine with Bowlmor to create Bowlmor AMF. The new company will be jointly owned by Bowlmor, certain of AMF’s second lien lenders, including an affiliate of Cerberus Capital Management, L.P. and Credit Suisse. The new company will include three different brands and categories of bowling centers, including Bowlmor Centers, Bowlero Centers and AMF Centers.
In addition, Bowlmor AMF will hold a 50% ownership in Qubica AMF, the industry leader in bowling scoring, pinsetters, lanes, ball returns, pins and other capital and replacement equipment. The company and its partner, Qubica, look forward to a revitalized and renewed focus on Qubica AMF and expanding its innovation leadership and customer focus in the bowling industry.
Tom Shannon, Chairman, CEO and President of Bowlmor AMF said, “I am pleased to announce the completion of this merger. We are confident that Bowlmor’s proven approach to marketing and operations, coupled with AMF’s incredible scale and penetration in key markets, will ensure the company’s future growth and success and we are excited about the potential for renewed innovation and growth at Qubica AMF.”
“For generations, the AMF brand has been synonymous with bowling in America,” said Brett Parker, Vice Chairman, CFO and EVP of Bowlmor AMF. “Bowlmor is the leading upscale bowling brand. The completion of this merger will effectively bridge these two worlds, creating what we envision as the ultimate American leisure company.”
About Bowlmor AMF: Bowlmor AMF is the largest operator of bowling centers in the world, with 264 domestic locations and 8 locations in Mexico that specialize in corporate and special events, as well as league and walk-in retail bowling. The company was created in 2013 following the merger of Bowlmor, an upscale bowling and entertainment company, and AMF Bowling Worldwide, which was at the time the world’s largest owner and operator of bowling centers.
About Cerberus Capital Management, L.P.: Established in 1992, Cerberus Capital Management, L.P. is one of the world’s leading private investment firms. Cerberus has more than US $20 billion under management invested in four primary strategies: distressed securities & assets; control and non-control private equity; commercial mid-market lending and real estate-related investments. From its headquarters in New York City and large network of affiliate and advisory offices in the US, Europe and Asia, Cerberus has the on-the-ground presence to invest in multiple sectors, through multiple investment strategies in countries around the world.
About Credit Suisse: Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse is able to offer clients its expertise in the areas of private banking, investment banking and asset management from a single source. Credit Suisse provides specialist advisory services, comprehensive solutions and innovative products to companies, institutional clients and high net worth private clients worldwide, and also to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 46,900 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
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