Private-Equity Firm Atairos Buys Bowlmor AMF for More Than $1 Billion
Private-equity firm Atairos Group is paying more than $1 billion for Bowlmor AMF, nearly four years after the world's largest bowling-center operator exited bankruptcy protection, according to a person familiar with the matter.
The two companies announced the sale, without disclosing a purchase price, earlier this week.
Bowlmor AMF was created from the merger of bowling chains Bowlmor and AMF Bowling, which was in bankruptcy at the time. The company has $577 million in debt on its books, according to its most recent earnings report.
The sale to Atairos represents a windfall for owners including Cerberus Capital Management, Credit Suisse and DG Capital, according to the person familiar with the matter.
Cerberus Capital and Credit Suisse obtained a 77.5% stake in AMF through their ownership of the company's junior debt and by investing $50 million in a rights offering.
Bowlmor AMF owns 304 bowling centers in the U.S., Mexico and Canada. It acquired Brunswick Corp.'s bowling centers in 2014 for $270 million.
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(END) Dow Jones Newswires
June 09, 2017 23:01 ET (03:01 GMT)