Founded in 1982, Dave & Buster's operates 56 stores in 24 states and Canada, as well as one franchised location in Canada. The company's locations sell food and drinks, while offering children and adults a variety of video games, sports-oriented games, interactive simulators and other traditional games.
Dave & Buster's changed hands last year, when Wellspring Capital Management agreed to sell the chain to Oak Hill Capital Partners in a $570 million deal. Wellspring had taken Dave & Buster's private in 2006 for about $257 million in cash plus debt. It replaced the company's founders with new management, expanded the chain and in 2009, filed to take it public again. But the public markets hadn't been receptive to restaurant stocks, leading to the sale to Oak Hill.
According to the company's filing with the Securities and Exchange Commission, Dave & Buster's has implemented a number of initiatives to cut costs and streamline operations, while also recently re-engineering its menu. Each of Dave & Buster's locations also contains a bar.
For the quarter ended May 1, Dave & Buster's reported its profit rose 32% as revenue climbed 5% to $148.6 million.
The company intends to list its shares on either the New York Stock Exchange or the Nasdaq Stock Market under the symbol PLAY.
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