Wellspring Capital Management LLC (“Wellspring”), a New York-based private equity firm, announced that it has closed the acquisition of Lucky Strike Entertainment, LLC, an operator of upscale entertainment venues with 21 locations in the United States. Financial terms of the transaction were not disclosed.
Lucky Strike is a leading creator and operator of entertainment venues featuring premium bowling lanes, handcrafted food and spirits, occasional live music performances, a broad assortment of engaging, high-tech games and a one-of-a-kind atmosphere. Lucky Strike venues seek to combine the best attributes of dining, nightlife and interactive entertainment. Founded in 2003 by Steven Foster and Kevin Troy, the Company has 21 venues located across 12 states and Washington, D.C. The Company is headquartered in Sherman Oaks, California.
Alex Carles, a Managing Partner at Wellspring, said, “We are thrilled to be supporting Lucky Strike though its next phase of growth. Wellspring has a long history of partnering with founders like Steven Foster and Kevin Troy who have redefined their industries and are poised for incredible growth. Although a nationally known player today, Lucky Strike still has a large whitespace opportunity.”
Matthew Harrison, a Partner at Wellspring, commented, “Lucky Strike represents an exciting opportunity to build on Wellspring’s successful track record in the restaurant and entertainment sectors. The company has built an impressive brand in experiential retail, a standout area of growth within a dramatically shifting retail landscape. Wellspring’s experience in this space through investments such as Dave & Buster’s position us to be value-add partners to Steven, Kevin, and the rest of the Lucky Strike team.”
Steven Foster, Founder and CEO of Lucky Strike, added, “We are very pleased that Wellspring has invested in Lucky Strike given the firm’s prior successes supporting businesses in our space and many others. We are extremely proud of what the brand has accomplished since our founding and look forward to accelerating our growth trajectory alongside Wellspring.”
McDermott Will & Emery served as legal counsel to Wellspring in the transaction.
About Wellspring Capital Management
Wellspring Capital Management is a leading private equity firm headquartered in New York. Since its founding in 1995, Wellspring has raised over $4 billion of initial capital commitments through six private equity funds. Over the past 20 years, Wellspring has invested in over 35 platform investments across various segments of the U.S. and global economies. Wellspring’s objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The firm functions as a strategic partner, providing management teams with top-line support, M&A experience, financial expertise and access to resources. For additional information, please visit www.wellspringcapital.com