AMF Bowling Worldwide Website - Richmond, Virginia - February 27, 2004
AMF Bowling Worldwide Inc., the world's largest owner and operator of bowling centers, has been acquired by an affiliate of Hennessy & Simmons LLC, a Chicago-based private equity firm. Fred Hipp has been named President and Chief Executive Officer of AMF Bowling Worldwide, Inc. He joins AMF with thirty years in the hospitality industry, most recently as President and CEO of California Pizza Kitchen.
The merger transaction is valued at approximately $670 million, of which $250 million will be financed through the sale of certain real estate assets under a sale-leaseback facility. Debt financing consists of $135 million in term loans under a new senior secured credit facility, as well as a recently completed offering of $150 million in senior subordinated notes. Finally, a $135 million equity investment was made by Kingpin Holdings, the acquiring affiliate of CHS. Under the terms of the merger agreement, AMF shareholders will receive $25.00 in cash for each common share.
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Saturday, February 28, 2004
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