Dave & Buster’s is about to acquire Main Event’s 50 locations across 17 US states Credit: Main Event
Dave & Buster’s has announced the acquisition of the Ardent Leisure-owned FEC chain Main Event, in a multi-million-dollar deal that will see the company expand its total sites in North America to nearly 200.
With more than 50 locations across the US, the Dallas-based Main Event operates in 17 states across the country, with its centres offering bowling, laser tag, arcade games and virtual reality experiences.
Purchased for US$835m (€763.9m, £638.7m), the all-cash transaction was unanimously approved by both company’s boards, with the deal set to close later this year pending approval by Ardent Leisure stockholders and regulatory review.
Main Event’s locations will now join Dave & Buster’s, which currently operates 145 venues across North America. The addition of Main Event’s locations will bring that figure up to 195. Dave & Buster’s will retain Main Event as a brand, with both operations continuing to be run independently.
“This is a transformational combination for both brands,” said Kevin Sheehan, board chair and interim CEO at Dave & Buster’s.
“From a strategic fit perspective, Main Event’s business model, footprint and asset quality align well with Dave & Buster’s. Main Event targets a different demographic - families with younger children - while Dave & Buster’s has primarily targeted young adults.
“Ownership of both brands enables us to expand the breadth of customers we serve together, while also enabling each brand to better differentiate its offering to its core consumer. Main Event’s existing footprint works well with Dave & Buster’s current geographies and each brand has significant growth opportunities. We expect the acquisition to be accretive to growth and earnings.”
The deal will also see Chris Morris - who has operated as president and CEO of Main Event since March 2018 - named the new CEO of Dave & Buster’s once the deal has been finalised.
“On behalf of the entire team at Main Event, we are excited to join the Dave & Buster’s family,” said Morris. “Together, we will be well-positioned to leverage our collective experience and provide our consumers with a category-defining entertainment experience.”
Dave & Buster’s is about to acquire Main Event’s 50 locations across 17 US states Credit: Main Event
Dave & Buster’s has announced the acquisition of the Ardent Leisure-owned FEC chain Main Event, in a multi-million-dollar deal that will see the company expand its total sites in North America to nearly 200.
With more than 50 locations across the US, the Dallas-based Main Event operates in 17 states across the country, with its centres offering bowling, laser tag, arcade games and virtual reality experiences.
Purchased for US$835m (€763.9m, £638.7m), the all-cash transaction was unanimously approved by both company’s boards, with the deal set to close later this year pending approval by Ardent Leisure stockholders and regulatory review.
Main Event’s locations will now join Dave & Buster’s, which currently operates 145 venues across North America. The addition of Main Event’s locations will bring that figure up to 195. Dave & Buster’s will retain Main Event as a brand, with both operations continuing to be run independently.
“This is a transformational combination for both brands,” said Kevin Sheehan, board chair and interim CEO at Dave & Buster’s.
“From a strategic fit perspective, Main Event’s business model, footprint and asset quality align well with Dave & Buster’s. Main Event targets a different demographic - families with younger children - while Dave & Buster’s has primarily targeted young adults.
“Ownership of both brands enables us to expand the breadth of customers we serve together, while also enabling each brand to better differentiate its offering to its core consumer. Main Event’s existing footprint works well with Dave & Buster’s current geographies and each brand has significant growth opportunities. We expect the acquisition to be accretive to growth and earnings.”
The deal will also see Chris Morris - who has operated as president and CEO of Main Event since March 2018 - named the new CEO of Dave & Buster’s once the deal has been finalised.
“On behalf of the entire team at Main Event, we are excited to join the Dave & Buster’s family,” said Morris. “Together, we will be well-positioned to leverage our collective experience and provide our consumers with a category-defining entertainment experience.”