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
BOSTON and WESTPORT,
Conn., Aug. 1, 2022 /PRNewswire/ -- Progress
Acquisition Corporation (NASDAQ: PGRW, the "Company") and Isos
today 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 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.
About Isos Capital Management
Based in Westport, CT, Isos Capital Management
(https://isoscap.com) is a boutique, full-stack investment firm
uniquely positioned to identify and execute on attractive
investment opportunities in the global media, entertainment,
sports, and technology industries.
With its deep operational, strategy, digital and branding
expertise, Isos Capital is a firm built by operators for operators,
and partners with management teams to accelerate growth, transform
their business models and better meet the needs of tomorrow's
consumers. Isos Capital's investments are stage agnostic and
utilize a variety of vehicles.
About George
Barrios
Isos Capital Management Co-Founder and
Co-CEO
Isos Acquisition Corporation Co-CEO
George Barrios co-founded Isos
Capital Management in 2020 and served as Co-CEO of Isos Acquisition
Corporation, a special purpose acquisition company, that completed
a business combination with Bowlero Corp. in the media sector's
3rd largest SPAC transaction ($2.6B) of 2021 resulting in Bowlero trading on
the NYSE Global Market under the symbol "BOWL" on December 16, 2021. He now serves on Bowlero's
Board of Directors.
George is an award-winning C-Suite executive and previously
served as Co-President and Board Member of WWE leading the company
through transformative change and building a multi-platform media
enterprise worth more than $5
billion. In 2017, Institutional Investor ranked George among
the top 3 CFOs in the Media Industry as part of its All-America
Executive team rankings. Prior, he held leadership roles in
finance, strategy and operations at The New
York Times, Praxair, Time Warner, and HBO. He received his
MBA from the University of Connecticut
School of Business. He currently serves as the National Board Chair
of the Make-A-Wish Foundation.
About Michelle
Wilson
Isos Capital Management Co-Founder and
Co-CEO
Isos Acquisition Corporation Co-CEO
Michelle Wilson co-founded Isos
Capital Management in 2020 and served as Co-CEO of Isos Acquisition
Corporation, a special purpose acquisition company, that completed
a business combination with Bowlero Corp. in the media sector's
3rd largest SPAC transaction ($2.6B) of 2021 resulting in Bowlero trading on
the NYSE Global Market under the symbol "BOWL" on December 16, 2021. She now serves on Bowlero's
Board of Directors.
Michelle is a leading sports and entertainment C-Suite executive
and previously served as Co-President and Board Member of WWE
leading the company through transformative change and building a
multi-platform media enterprise worth more than $5 billion. In 2018, Forbes named Michelle one of
the 10 Most Powerful Women in Sports. She also was featured on the
Adweek 50 list, which highlights the leading executives in Media,
Marketing and Technology, and named one of Sports Illustrated's 10
Most Influential Women in Sports. Prior, Michelle served as the
Chief Marketing Officer of the United States Tennis Association,
oversaw all marketing efforts for the launch of the original XFL, a
partnership between WWE and NBC, and held consumer products and
brand management positions at the NBA and Nabisco, respectively.
She received her MBA from Harvard Business
School. She currently serves as a Board Member of both
Turtle Beach and Make-A-Wish Connecticut.
About Winston
Meade
Managing Director, Isos Capital Management
Chief Financial Officer, Isos Acquisition Corporation
Winston Meade served as Chief
Financial Officer for Isos Acquisition Corporation, a special
purpose acquisition company, that completed a business combination
with Bowlero Corp. in the media sector's 3rd largest
SPAC transaction ($2.6B) of 2021
resulting in Bowlero trading on the NYSE Global Market under the
symbol "BOWL" on December 16,
2021.
With more than 20 years of mergers and acquisitions experience
across several industries, Winston served as Managing Director and
Head of Telecom Investment Banking at Stephens Inc. Previously, he
was with UBS Investment Bank for 17 years, where he served as a
Managing Director in Mergers & Acquisitions focusing on the
Technology, Media, and Telecom industries. During his time at UBS,
he spent several years in their Hong
Kong office, helping bolster the firm's M&A practice in
the region. Over his career, Winston has advised on more than
$100 billion of domestic and cross
border transactions, including advising Advance/Newhouse on the
sale of Bright House Networks to Charter Communications, advising
The Orchard on the sale to Sony Music Entertainment and advising
Virgin Media on the sale of its stake in UKTV to Scripps Network
Interactive. He has a B.A. in Economics from the University of Virginia.
About Progress Acquisition Corporation
Progress
Acquisition Corporation is a special purpose acquisition company
delivering value for the businesses at the forefront of the digital
revolution in the media space. Progress Acquisition Corporation
seeks opportunities to deliver value and efficient access to the
public markets for the technology-first companies that are driving
digital disruption and transformation across the advertising,
marketing, media, and entertainment sectors. Bringing decades of
collective experience in M&A and business leadership, the
leadership team brings a differentiated approach to identifying,
managing, and completing acquisitions.
No Offer or Solicitation
This press release is for informational purposes only and not
intended to and does not constitute an offer to subscribe for, buy
or sell, the solicitation of an offer to subscribe for, buy or sell
or an invitation to subscribe for, buy or sell any securities in
any jurisdiction. No offer of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended, and otherwise in accordance
with applicable law.
Forward-Looking Statements
This press release may include, and oral statements made from
time to time by representatives of the Company and/or Isos
(collectively, the "Parties") may include, "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements other than statements of
historical fact included in this press release are forward-looking
statements. When used in this press release, words such as
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "might," "plan," "possible," "potential,"
"predict," "project," "should," "would" and similar expressions, as
they relate to the Parties or their
respective management teams, identify forward-looking
statements. Such forward-looking statements are based on the
beliefs of management, as well as assumptions made by, and
information currently available to,
the Parties' management. Actual results could differ
materially from those contemplated by the forward-looking
statements as a result of certain factors, including
those detailed in the Company's filings with the Securities
and Exchange Commission ("SEC") and there can be no assurances that
the partnership and appointments referred to herein will result in
a successful initial business combination for the Company. All
subsequent written or oral forward-looking statements attributable
to the Parties or persons acting on their behalf are
qualified in their entirety by this paragraph. Forward-looking
statements are subject to numerous conditions, many of which are
beyond the control of the Parties, including those set forth
in the Risk Factors section of the Company's registration statement
for the Company's initial public offering filed with the SEC and
the Company's other filings with the SEC.
The Parties undertake no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
Media Contacts:
Progress Acquisition Corporation Contact:
Hanna Bautz
NextPR
progresspartners@nextpr.com
Isos Contacts:
Ed Trissel / Tanner Kaufman / Kate
Thompson
Joele Frank Wilkinson Brimmer
Katcher
(212) 355-4449
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SOURCE Isos Capital Management