This companion case to "AMF (A)" (OM-0637) covers the leveraged buyout of AMF Bowling by Commonwealth Venture Partners in late 1986. It contains a description of the bowling industry and related trends. Exhibits give management's projected cash flows, which the students should adjust for company valuation. Students must value the business and decide the best price for AMF Bowling. (Follow-up cases are OM-0639 and OM-0640.)