Praesidian Capital has exited its investment in Lucky Strike Entertainment, a company that operates upscale bowling centers in the U.S. and Canada. Praesidian invested $11 million of senior secured debt in Lucky Strike in April 2009. Praesidian exited its investment when Lucky Strike obtained financing from a new lender. No terms were released.
Praesidian Capital (“Praesidian” or “the Firm”), a leading provider of mezzanine capital for small and mid-sized companies, has successfully exited its investment in Lucky Strike Entertainment, LLC (“Lucky Strike”), the leading operator of upscale bowling lounges in the United States and Canada.
Lucky Strike is the defining brand in the upscale bowling category. The Company has successfully established its own niche in retail entertainment by offering a unique mix of bowling, lounge, restaurant, bar and party experiences in a cozy and artistic atmosphere. The Company’s locations feature modern décor, 12 to 26 bowling lanes, a full menu of quality food and beverages, a lounge area, separate areas for private parties and a centrally-located multi-media bar.
In April 2009, Praesidian invested $11 million of senior secured debt in Lucky Strike for growth and expansion plans in the retail entertainment industry. Since that time the company has expanded from 16 to 19 locations. Praesidian exited its investment when Lucky Strike obtained financing from a new lender.
“We are pleased to have supported Lucky Strike as it expanded its innovative franchise, which combines one of America’s favorite past times with an upscale lounge and dining experience,” said Neil Marks, Managing Partner at Praesidian. “As a successful and growing company with strong management – Lucky Strike is just the type of company that we target for financing.”
About Lucky Strike
Based in Sherman Oaks, California, Lucky Strike Entertainment, LLC, is the leading operator, and defining brand, of upscale bowling lounges in the United States and Canada. The Company has successfully established its leading industry position by offering a unique synthesis of the familiar elements of bowling, a cozy artistic atmosphere and upscale comfort food designed for sharing. Lucky Strike owns and operates dining, lounging, and bowling centers in Arizona, California, Canada, Colorado, Florida, Illinois, Massachusetts, Michigan, Missouri, New York, Pennsylvania, Texas, Washington, and Washington, DC. Each location features bowling lanes, billiards, dining areas, bars and lounges. For more information, visit www.bowlluckystrike.com.
About Praesidian Capital
Praesidian Capital partners with small and mid-sized businesses by providing private debt capital. With a focus on its core competency in mezzanine financing, Praesidian invests in established, historically profitable companies often in connection with a management/leveraged buyout, recapitalization or refinancing. Based in New York City, Praesidian manages more than $700 million in committed capital.