The underwriters for the offering are Jefferies, William Blair, Raymond James, LOYAL3 Securities, Piper Jaffray and Stifel.
Dave & Buster’s owns dining and entertainment venues that market to both adults and families. At the beginning of September, the company owned and operated 69 stores in 26 states and Canada. For the 12 months that ended on August 3, it generated total revenues of $689.9 million and a net loss of $7.7 million. The 26 weeks prior to August 3, 2014, it generated revenues of $376.2 million with a net loss of $2.4 million, while the same period in the previous year it generated $321.9 million in revenues with a net income of $7.5 million.
For the 2013 fiscal year, Dave & Busters generated total revenues of $635.6 million and a net income of $2.2 million. The fiscal year of 2012 generated revenues of $608.1 million with a net income of $8.8 million. In the 2011 fiscal year, the company had revenues of $541.5 million with a net loss of $7.0. Between the years of 2011 and 2013, total revenues grew at a compound annual growth rate of 8.3%.
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What investors will want to know is that Dave & Buster’s was public prior to this filing. It was one of the private equity buyouts. The company’s filing said:
On June 1, 2010, Dave & Buster’s Entertainment, Inc. (“D&B Entertainment”), a newly-formed Delaware corporation owned by Oak Hill Capital Partners III, L.P. and Oak Hill Capital Management Partners III, L.P. (collectively, the “Oak Hill Funds”) acquired all of the outstanding common stock of Dave & Buster’s Holdings, Inc. (“D&B Holdings”). As a result of the acquisition and certain post-acquisition activity, the Oak Hill Funds directly control approximately 95.4% of D&B Entertainment’s outstanding common stock.
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