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New York | April 2009
Nation’s Number One Upscale Bowling Lounge Operator Positioned for Continued Expansion
Praesidian Capital Investors, a leading provider of mezzanine capital for small and mid-sized companies, has invested $11.0 million of senior secured debt in Lucky Strike Entertainment, LLC, 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. Each of the Company’s 16 locations features 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.
“We have been looking at Lucky Strike for several years, and we are very pleased to be invested in the business,” said Jason Drattell, Managing Partner at Praesidian. “The Company has successfully established its own niche in retail entertainment and has a creative and accomplished management team with a demonstrated track record of developing and operating premium hospitality, entertainment and food and beverage multi-unit businesses.”
Founders Steven and Gillian Foster have 30 years of experience in the dining and entertainment business. In 1989, they opened Jillian’s in Boston, an upscale entertainment facility providing food, beverage and games targeted primarily at adults. Over the next several years, the Fosters developed Jillian’s into a national brand, opening 35 locations across the U.S. In 2002, the Fosters and partner Kevin Troy began developing the Lucky Strike Entertainment dining and entertainment concept, and have successfully opened two to five locations every year since.
“Lucky Strike was founded on the notion of bringing people together in a high energy, fashionable environment with a synergistic blend of entertainment offerings. We are excited about the prospects for this model over the next few years and beyond,” said Steven Foster, Chief Executive Officer at Lucky Strike. “The Praesidian team understands our business; with their support, I am confident we will take the Company to the next stage of profitable growth.”
About Praesidian Capital Investors
Praesidian Capital partners with small and mid-sized businesses, providing private mezzanine capital. 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 over $400 million in committed capital. For more information, visit www.praesidian.com.
About Lucky Strike Entertainment, LLC
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 California, Canada, Colorado, Florida, Illinois, Massachusetts, Michigan, Missouri, New York, Pennsylvania, Washington, and Washington, DC. Each location features bowling lanes, billiards, dining areas, bars and lounges. For more information, visit www.bowlluckystrike.com.
Media Contact: Dan Jacobs
Broadgate Consultants LLC
Phone: 212 232 2227
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