Dave & Buster's sold for $570M

September 27, 2013 Updated May 4, 2010 at 6:53 AM EDT

By Business First of Buffalo - by James Fink

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Dave & Buster's sold for $570M

September 27, 2013 Updated May 4, 2010 at 6:53 AM EDT

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.