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Oak Hill to acquire Dave & Buster’s for USD570m

Private equity firm Oak Hill Capital Partners has entered into a definitive agreement to acquire Dave & Buster’s from Wellspring Capital Management.

Oak Hill Capital is investing in partnership with Dave & Buster’s current management team, led by chief executive Steve King.

The aggregate value of the transaction is approximately USD570m.

Founded in 1982 and headquartered in Dallas, Texas, Dave & Buster’s is the owner and operator of 56 high-volume restaurant/entertainment venues that provide customers with the opportunity to eat, drink and play all in one location. Dave & Buster’s currently has stores in 24 states and Canada.

King says: "We have thoroughly enjoyed our partnership with Wellspring and thank the firm for its support. We are very excited to partner with Oak Hill Capital given its extensive experience investing in consumer, retail and restaurant companies, as well as its long history of working successfully with management teams. We believe Oak Hill Capital will be a value-added partner that will help Dave & Buster’s execute against its strategy of continuing to build its brand and expand its store base."

Tyler Wolfram, a partner at Oak Hill Capital, says: "Dave & Buster’s is a category defining concept that offers its customers a unique interactive entertainment and dining experience in a lively setting. We believe there is a tremendous opportunity to grow the Dave & Buster’s store base given its differentiated format, the strength of its brand and the meaningful number of untapped markets across North America and beyond. We look forward to working closely with Steve and the rest of the company’s management team to capitalise on these growth opportunities."

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