Right Up Their Alley? Maybe
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NEW YORK — Move over, Ralph Kramden: The pinstripe-and-wingtip crowd at Goldman, Sachs & Co. wants to join the bowling leagues.
The Wall Street investment bank was reportedly in talks Friday to buy AMF Corp., the nation’s biggest owner of bowling alleys and a bowling equipment manufacturer, sources close to the negotiations said. AMF could fetch as much as $1 billion, the sources said, speaking on condition of anonymity.
At first glance, such a deal would seem improbable for a firm associated more with wealthy financial traders than blue-collar alley dwellers. But Goldman’s interest has been piqued by the sport’s increasing popularity among higher-income folk, analysts said. To appeal to an upscale crowd, AMF and other companies are putting video arcades, carousels and other family activities in their alleys.
The $4-billion U.S. bowling industry “is poised for growth because it’s repositioning itself,” industry consultant Sandy Hansell says.
A spokesman for Goldman Sachs said the privately held firm had no comment on any talks with AMF.
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