Gok has been in the restaurant business since he was 16. Gok is asking residents to help support his business as it tries to stay afloat during these unprecedented times. They are now open for indoor dining, though operating with the strict capacity limits set by Gov. Upon reopening, the restaurant began to offer takeout and curbside pickup. Lucky Strike was forced to shut down when COVID-19 cases initially began rising. Due to COVID-19, however, Gok has faced challenges during his first year as owner. 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.CHICOPEE – Remzi Gok has owned the iconic Lucky Strike restaurant since early 2020. The company has built an impressive brand in experiential retail, a standout area of growth within a dramatically shifting retail landscape.
We are extremely proud of what the brand has accomplished since our founding and look forward to accelerating our growth trajectory alongside Wellspring.”Īdded Matthew Harrison, a partner at Wellspring: “Lucky Strike represents an exciting opportunity to build on Wellspring’s successful track record in the restaurant and entertainment sectors. “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,” Foster said in a statement. Foster was featured on a 2010 episode of CBS’ Undercover Boss and started Spinoff, an upscale roller disco, in the late 1970s. It was founded in 2003 by Foster and Troy. The brand aims to combined dining, nightlife, and interaction into one. It’s known for premium bowling lanes, live music, and an assortment of high-tech games. Sherman Oaks, California-based Lucky Strike’s 21 venues are spread across 12 states (Illinois, New York, Pennsylvania, California, Massachusetts, Hawaii, Arizona, Wisconsin, Texas, Ohio, Colorado) and Washington, D.C. Oak Hill purchased Checkers and Rally’s for roughly $525 million in March 2017. It sold the brand to Sentinel Capital in March 2014 for an undisclosed amount. Wellspring also bought fast-food company Checkers & Rally’s in 2006 for an estimated $188 million. It just reported same-store sales gains of 2.9 percent in the fourth quarter- its first positive period in six quarters. The brand was then sold to the public in 2014 and remains a publicly traded company. There were 46 units when Wellspring announced it was buying the brand in 2005 and 56 when it sold it to Oak Hill (there are 125 today).
Wellspring dealt category front-runner Dave & Buster’s to Oak Hill Capital Partners for $570 million in 2010. Although a nationally known player today, Lucky Strike still has a large whitespace opportunity,” said Alex Carles, a managing partner at Wellspring, in a statement. “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. Wellspring Capital Management LLC, which bought Dave & Buster’s for $375 million in 2006 before selling it four years later, announced it closed the acquisition of the 21-unit brand. As emerging eatertaiment brand Lucky Strike enters its next phase of growth, it will have a party familiar with the space backing it.
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