Private equity firm Electra Partners yesterday clinched a £91m deal to take control of the UK’s largest bowling alley operator The Original Bowling Company.
The group, which is currently wrestling with activist investor Ed Bramson over strategic control of Electra’s future, has bought the 43-site business from CBPE Capital.
“We are now firmly established as a leading player in the UK leisure market and we can look forward to our next phase of development with confidence,” bowling boss Steve Burns said.
The outfit, which employs 1,409 staff, operates under the Hollywood Bowl and AMF brands.
Electra has put £51m of equity into the group with the rest coming from an equity stake from the firm’s management and loans provided by GE, Barclays and Lloyds.
The ex-managing director of Fitness First Peter Boddy will also join the board as part of the deal.