Smaaash has acquired 13 bowling and gaming assets from SVM (Sri Venkateshwara Multiplexes) Bowling and Gaming. The deal amount has not been disclosed.
Sachin Tendulkar co-owned sports-based entertainment company will now have 100% stakes in the SVM Bowling and Gaming after this deal, as per ET report. Last month, the company struck a deal with PVR’s bluO entertainment in a cash acquisition deal worth INR 860 million.
The deal is a part of the national expansion plans that the world class gaming and Entertainment Company, Smaaash is working on. “We are ready to invest INR 120 crore between now and March next year on changing the product mix in BluO, this (new) acquisition and opening new properties in 10 new cities, including Indore, Raipur and Siliguri. Some of the properties will be launched within this calendar year,” Shripal Morakhia, Chairman and Chief Imagination Officer, Smaaash Entertainment said.
Out of these 13 assets, SVM owns eight (four in Hyderabad and one each in Madurai, Mysore, Mangalore and Vijaywada), while five units (four in Hyderabad and one in Pune) are owned by franchisees. “Smaaash will try to buy out the properties from the franchisee owners as well,” Morakhia has been quoted by ET as saying.
The new acquisition deal makes Smaaash the largest player of this space in the country, with almost increasing the area under Smaaash management by two and half times. The company will expand to almost 700,000 square feet post this acquisition. With this deal, Smaaash now has 26 centres in 13 cities in India and one in the Mall Of America – the largest mall in the US.
“SVM’s strong market relationships and customer-focused approach present a fantastic geographic, strategic and cultural fit for Smaaash. With this deal, our footprint is currently at 700,000 square feet and we aim to be at a million square feet by the end of the year,” Morakhia said.
The newly acquired centres will operate under Smaaash branding and more centers are expected to open shortly. Smaaash will introduce its signature games at all it’s acquired centres.