PLAY - Dave & Buster's acquires Main Event for $835M; Chris Morris named CEO of combined entity

Dave & Buster's Entertainment (NASDAQ:PLAY) is acquiring Main Event from Ardent Leisure Group Limited (OTC:ARDLF) and RedBird Capital Partners in an all-cash transaction of $835M. Upon closing, Chris Morris, the current CEO of Main Event will be named CEO of Dave & Buster’s. Main Event is a family entertainment concept with 50 locations in the U.S, including three recently acquired The Summit locations in Colorado. The transaction is expected to close later this year. The purchase price represents an unsynergized valuation multiple of approximately 9x Main Event’s 12-month Adjusted EBITDA as of December 31, 2021. The company expects to achieve ~$20M of synergies within the first two years from store support center consolidation and supply-chain efficiencies. The company expects the acquisition to be accretive both from an earnings and growth perspective. Acquisition will be funded using cash on hand and proceeds from committed bank financing. Dave & Buster's Board Chair

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Dave & Buster’s acquires Main Event for $835M; Chris Morris named CEO of combined entity