Dave & Buster’s reported in a news release on Monday that their Miami commercial properties will be sold for $570 million. The buyer, Oak Hill Capital Partners, an independent private equity firm, has ties to the Bass family of Fort Worth, Texas.
Wellspring Capital Management LLC currently owns Dave & Buster’s, which has Miami commercial properties in Miami and Hollywood. It previously mentioned placing its Miami restaurant for sale as a concept which would include 56 entertainment restaurants that cater to adults.
Tyler Wolfram, a partner at Oak Hill Capital says, “We believe there is a tremendous opportunity to grow the Dave & Buster’s store base, given its differentiated format, the strength of its brand and the meaningful number of untapped markets across North America and beyond.”
Dallas-based Dave & Buster’s was founded in 1982. The sale of its Miami commercial properties is expected to close in the second quarter. Oak Hill Capital is investing in the enterprise with Dave & Buster’s management team.
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