The parent company of Dave & Busters Inc. has been sold.
Dallas-based Wellspring Capital Management LLC sold the 56-restaurant chain to Oak Hill Capital Partners for a reported $570 million. The deal is expected to close in the second quarter.
Wellspring acquired Dave & Buster's in 2006, paying $375 million. Two years ago, Wellspring put the chain on the market with an asking price of $600 million. At the time, Dave & Buster's had 49 locations.
Dave & Buster's has two regional operations - one in Eastern Hills Mall and another in the Fallsview section of Niagara Falls, Ont.
"We believe there is a tremendous opportunity to grow the Dave & Buster's store base given its differentiated format, the strength of the brand and the meaningful number of untapped markets across North America and beyond," Oak Hill partner Tyler Wolfram said in a prepared release.