Dave and Buster's Holdings, a leading owner and operator of high-volume entertainment and dining venues in North America, will be sold to private equity firm Oak Hill Capital for $570 million in a deal expected to close in the second quarter, sources reported on Monday. Dave and Buster's had filed with the SEC for an IPO in July 2008 with J.P. Morgan and Jefferies & Co. set to be the lead underwriters on the deal. The company, which was founded in 1982 and has 56 locations in 24 states, was taken private in 2006 by current owner Wellspring Capital for $375 million (including debt). The announcement follows similar private equity to private equity sales including TPG Capital's purchase of American Tire Distributors (ATD) and New Mountain Capital's purchase of software firm RedPrairie (RP).
