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Lucky Strike’s outlets include bowling lanes, live music and an upscale casual dining and beverage program in 21 locations across 12 states and D.C. The chain, founded in 2003, is headquartered in Sherman Oaks, California. Co-founders Steven Foster and Kevin Troy will stay involved with the company, but Wellspring said it plans to expand the chain.
Wellspring has deep ties to the food and entertainment space. It owns a controlling stake in the Checkers and Rally’s drive-thru chains. In 2010, Wellspring sold Dave & Buster’s, another so-called “fun and food chain,” for $570 million to the private equity firm Oak Hill Capital Partners after buying it four years earlier for $375 million. Dave & Buster’s launched an IPO in October 2014 and is now traded on the Nasdaq using the symbol PLAY.
“Lucky Strike represents an exciting opportunity to build on Wellspring’s successful track record in the restaurant and entertainment sectors,” said Wellspring partner Matthew Harrison in a statement. “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.”
Frances Katz is a freelance writer focusing on media, culture and technology. Her work has appeared in The Atlantic, The Week, The Washington Post, USA Today and other publications. She lives in Atlanta.