Manhattan-based private equity firm Oak Hill Capital Partners will acquire Dave and Buster”™s Inc. from Wellspring Capital Management L.L.C., which acquired the company in 2006.
Headquartered in Dallas, Dave and Buster”™s operates 56 venues, including one at the Palisades Center in West Nyack, which combine the restaurant and gaming concept in an interactive experience for adults and families.
Of the approximately $570 million transaction, Dave & Buster”™s Chief Executive Officer Steve King called Oak Hill Capital a “value-added partner” that will help the chain continue to expand its store base.
There are stores in 24 states and in Canada; Dave & Buster”™s also has locations in Times Square and several on Long Island.
In its fourth quarter earning report, Dave & Buster”™s cited total revenue for the fourth quarter in 2009 was down 0.9 percent to $133.6 million compared to the $134.9 million in 2008.
The decline in revenue was attributed to a 5.8 percent decrease in comparable store sales offset by a $6.1 million in revenues from non-comparables.
Revenues from amusements increased by 2 percent; total food and beverage revenues were down 3.4 percent.
