Hollywood Bowl Group, the UK’s largest bowling alley operator, has announced an initial public offering (IPO) price of 160p per share, giving it an initial valuation of £240m.
The company will issue 113.2m shares when it joins the London Stock Exchange next Wednesday (21 September), and the IPO is expected to raise £181.3m.
Hollywood Bowl Group, which is 85%-owned by Electra Private Equity, is the UK's largest ten-pin bowling operator, with a portfolio of 54 centres operating across the UK under the Hollywood Bowl, AMF and Bowlplex brands.
The group specialises in operating large, high quality bowling centres, designed to offer a complete family entertainment experience with each centre offering at least 16 bowling lanes, on-site dining, licensed bars, and state-of-the-art family games arcades.
Bill Priestley, Chief Investment Partner at Electra Partners, said, 'This investment is a great example of Electra Partners' investment strategy in action.
'When we first invested two years ago our plan was to accelerate the company's growth and, together with Steve Burns and his team, this is exactly what we have done: bringing forward and expanding the company's organic growth investment programme, developing the new site pipeline, and leading the acquisition of Bowlplex.
'Altogether these actions have more than doubled the size of the business while transforming it into the UK market leader with multiple levers for future growth.'
Steve Burns, CEO of Hollywood Bowl Group, said, 'Electra Partners have been a fantastic investor for Hollywood Bowl, with their support we have achieved a huge amount over the past few years, continuing to transform the business through investment and acquisition, and providing outstanding family entertainment to millions of customers every year.
'Keeping the customer experience at the heart of everything we do, we have exciting plans in place to grow the business further in the years ahead.'
