Roark Capital Group, an American private equity firm focused on leveraged buyout investments, has offered about $1.1. billion, including debt, for the chain after a bid from leading contenders Toronto-based private equity firm Onex Corp. and Cineplex Inc.
The bid from the Atlanta investment firm came after discussions Dave & Buster’s had with another potential buyer broke down, they said. That bidder—a team of private-equity firm Onex Corp. and entertainment company Cineplex Inc. had been viewed as the front-runner to buy Dave & Buster’s after it offered more than $1 billion for the company, people familiar with the matter said last month.
In addition, Permira, a European buyout firm, is in the early stages of considering a bid for Dave & Buster’s, some of the people said.
Dave & Buster’s, owned by private-equity firm Oak Hill Capital Partners, could ultimately decide against a full sale, and instead launch an initial public offering of stock after Labor Day, some of the people said. The Dallas-based company canceled a previously planned IPO in October 2012, citing market conditions.
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