Dave & Busters to file for IPO as early as next week -sources
NEW YORK, Sept 5
NEW YORK, Sept 5 (Reuters) - Dave & Buster's Inc is preparing to file for an initial public offering as soon as next week, according to people familiar with the matter, adding to a spate of restaurant chains that have gone public this year to tap strong investor demand.
The Dallas-based restaurant and arcade chain, owned by private equity firm Oak Hill Capital Partners, is working with banks including Jefferies LLC and Piper Jaffray on the offering, the people said.
Earlier this year, Dave & Buster's scrapped efforts to sell itself for more than $1 billion. Reuters reported in June that the company has revived plans for an IPO after negotiations on an outright sale did not lead to a deal.
The people familiar with the matter asked not to be identified because it is confidential. A spokeswoman for Oak Hill declined to comment. Representatives for Dave & Buster's, Jefferies and Piper Jaffray could not be immediately reached for comment.
Founded in 1982, Dave & Buster's owns and operates 69 venues that offer entertainment such as sports-oriented, video and simulation games. The venues also serve food and beverages.
Dave & Buster's reported revenue of $636 million and earnings before interest, tax, depreciation and amortization (EBITDA) of $117 million for fiscal year 2013.
Oak Hill acquired Dave & Buster's for $570 million in May 2010.
Recent public offerings from restaurant chains have included Zoe's Kitchen Inc, Potbelly Corp and Papa Murphy's Holdings Inc. (Reporting by Olivia Oran in New York; Editing by David Gregorio)