– Progress Acquisition Corporation has $172M in Trust to Effect a Merger in the Media, Entertainment, and Technology Sectors
– Barrios and Wilson Recently Led the $2.6B de-SPAC Merger with Bowlero and continue to expand its international presence
NEW DELHI, Aug. 19, 2022 /PRNewswire/ — Progress Acquisition Corporation (NASDAQ: PGRW) (the “Company”) and Isos announced a partnership and the appointments of Isos Co-Founders and Co-CEOs George Barrios and Michelle Wilson as Officers of PGRW. Isos joins Progress to complement the Company’s search and negotiations to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. In addition, Isos Managing Director Winston Meade will serve as an Officer of PGRW.
While the Company may pursue an initial business combination in any industry, sector, or geographic region, it continues to focus on businesses in the global media, entertainment, and technology sectors.
“We are thrilled to add George and Michelle to our team following their recent success merging Isos Acquisition Corporation and Bowlero in a landmark transaction,” said David Arslanian, Progress Acquisition Corporation CEO and President. “We believe their operating expertise, history of creating significant shareholder value in the public markets, and active network across sectors will drive deal flow. George and Michelle’s public market reputation and extensive network of investors will help us to secure the committed capital necessary to close a deal.”
“We are excited to partner with the team at Progress Acquisition Corporation,” said Isos Co-Founders and Co-CEOs George Barrios and Michelle Wilson. “Progress Acquisition Corporation has extensive experience in and deep knowledge of the global media, entertainment, and technology sectors, and an understanding of what a premier asset for investors looks like.”
Progress Acquisition Corporation Chief Executive Officer and President David Arslanian, Co-Founder and Board Member Sanjay Puri, and Chief Financial Officer Rick Gallagher will work alongside the Isos team in the business combination efforts. The existing PGRW Board Members will continue in their roles. Progress Acquisition Corporation consummated its initial public offering (IPO) on February 11, 2021 and has $172,500,000 proceeds in trust.
Barrios and Wilson’s most recent venture, Isos Acquisition Corporation, announced the completion of its $2.6 billion business combination with Bowlero on December 15, 2021.
Isos Capital continues to expand its international presence and recently announced the appointment of Sheetesh Srivastava as Managing Director, India. In this position, Sheetesh will lead Isos Capital’s foray in to India and Southeast Asia markets by sourcing investment opportunities and providing advisory service to companies in the region.
Isos Acquisition Corporation and Bowlero Business Combination Highlights:
- George Barrios and Michelle Wilson, two proven operators with a long history of working together to create shareholder value in the public markets, served as Co-Chief Executive Officers of Isos Acquisition Corporation.
- Nine months post IPO, Isos Acquisition Corporation announced the completion of its $2.6 billion business combination with Bowlero, now listed on the NYSE Global Market under the symbol “BOWL”.
- As part of the transaction, Isos Acquisition Corporation secured a $450 million private investment in public equity (PIPE) anchored by funds managed by affiliates of Apollo Global Management Inc. (“Apollo”), Brigade Capital Management, Soros Fund Management LLC, The Donerail Group LP, and Wells Fargo Asset Management.
- Funds managed by affiliates of Apollo committed to a forward purchase agreement (“FPA”) for Isos Acquisition Corporation of up to $75 million, and ultimately committed $100 million to the Bowlero transaction.
- George Barrios and Michelle Wilson now serve on Bowlero’s Board of Directors.
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