Dave & Buster's Closes Sale-Leaseback

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DALLAS-Dave & Buster’s Inc., a 24-year-old, locally based restaurant and entertainment chain, has completed a $29.6-million sale and leaseback transaction with Orlando-based National Retail Properties Inc., according to the Texas firm’s website. The properties are in Jacksonville, FL, Hilliard, OH and Addison, IL. Dave & Buster’s hasn’t yet filed the transaction details with the Securities and Exchange Commission.

The company’s prepared statement says the firm plans to use the sale proceeds to pay down debt on its senior and revolving credit facilities. Founded in 1982 by James W. “Buster” Corley and Dave Corriveau, the company has 48 locations in the US and Canada. Dave & Buster’s was acquired in January of this year by New York City-based Wellspring Capital Management LLC.

In announcing executive changes in September, Wellspring chairman and managing partner Greg Feldman said Corley and his team “Have grown Dave & Buster’s into the industry’s largest operator of high-volume restaurant entertainment complexes, and have put in place a strong foundation that will be able to sustain growth in the future.”

Corley has stepped down as CEO and is chairman emeritus. He is a senior advisor to the new CEO, Stephen King. King joined Dave & Buster’s after a 22-year career with Carlson Restaurants Worldwide Inc. of Carrollton where he was president and chief operating officer of Carlson Restaurants International.

National Retail Properties, headed by CEO Craig Macnab, owns 564 investment properties in 41 states with a gross leasable area of about 9.3 million sf. The properties are leased to 178 corporations in 62 industry classifications.