Main Event Entertainment Acquisition, Valuation, Funding & Investors

Main Event Entertainment was acquired by Dave & Buster's for $835M in April 2022.

Main Event Entertainment acquisition price

$835M

Acquired by Dave & Buster's · Apr 2022

Main Event Entertainment EBITDA multiple at acquisition

9.0x

EV/EBITDA · Apr 2022

Cumulative funding Main Event Entertainment raised

$80M

across 1 funding round

Key investors in Main Event Entertainment

  • RedBird Capital Partners

Main Event Entertainment Overview

About Main Event Entertainment

Main Event Entertainment is an American chain of family entertainment centers owned by Dave & Buster's. Founded in 1998 by Neil Hupfauer and David Smith and formerly headquartered in Plano, Texas, it operates 58 locations in 20 states, mainly in Texas and the southern United States. Its centers combine bowling, arcades, laser tag, virtual reality games, gravity rope courses, miniature golf, billiards, escape rooms and karaoke with a Family Kitchen restaurant and a full-service bar at every location. It also earns revenue from birthday parties, corporate meetings, group events and event facility rental. Australia's Ardent Leisure bought Main Event from its founders in 2006, sold a 24.2% stake to RedBird Capital Partners in June 2020 and added Colorado chain Summit Entertainment Centers in March 2022. Dave & Buster's announced in April 2022 that it would acquire Main Event for $835 million and completed the deal in June 2022, with Main Event chief executive Chris Morris becoming CEO of the combined company. Main Event is run as the family-focused brand alongside the more adult-oriented Dave & Buster's chain.


Founded

1998

HQ

United StatesDallas, TX

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Valuation

$424M (Jun 2020)

Main Event Entertainment Acquisition

Main Event Entertainment was acquired by Dave & Buster's for $835M on 6 April 2022.

The acquisition price implies a 9.0x EBITDA multiple.

Before the acquisition Main Event Entertainment had raised $80M across 1 funding round.

Dave & Buster's Entertainment agreed to acquire Main Event Entertainment, a Dallas-based family entertainment company with 50 locations offering bowling, laser tag, arcade games, and virtual reality, from Ardent Leisure Group and RedBird Capital Partners. The all-cash transaction valued at $835 million enterprise value closed on June 29, 2022, after shareholder approval and HSR Act clearance. Main Event targets families with younger children, complementing Dave & Buster's young adult demographic, with plans to operate as a distinct brand. The deal represented a 9x multiple on Main Event's 12-month Adjusted EBITDA as of December 31, 2021. Chris Morris, Main Event's CEO who doubled EBITDA and expanded locations by over 30% during his tenure, became CEO of the combined company. The acquisition created a two-brand entity with nearly 200 locations, enhancing growth synergies in the eat-and-play entertainment sector post-pandemic recovery. Financing included cash on hand and commitments from Deutsche Bank and JPMorgan, with total consideration of $835 million plus up to $14.8 million contingent. Ardent Leisure received about $487 million to repay debts and return capital to shareholders.

Main Event Entertainment acquisition details
AcquirerDateTypePriceEV/EBITDA
6 Apr 2022Strategic M&A$835M9.0x

Sources: ir.daveandbusters.com, en.wikipedia.org

Main Event Entertainment Valuation

Main Event Entertainment is currently valued at $424M, based on its strategic investment round in June 2020. Read the announcement ↗

The $80M round was led by RedBird Capital Partners.

Main Event Entertainment valuation by funding round

Main Event Entertainment valuation by funding round
DateStageValuation
Jun 2020Strategic investment$424M

Main Event Entertainment Funding History

Main Event Entertainment has raised a total of $80M across 1 funding round.

Main Event Entertainment funding rounds

Main Event Entertainment funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2020Strategic investmentRedBird Capital Partners (lead)$80M$424MRedBird Capital Partners agreed on 15 June 2020 to invest $80 million into the U.S. subsidiary of Australia's Ardent Leisure Group that owns Main Event Entertainment, in exchange for a 24.2% preferred equity interest. The investment valued Main Event at an implied enterprise value of $424 million, based on net debt and unpaid payables at 31 May 2020. RedBird also received an option to acquire a further 26.8% of the company between July 2022 and July 2024, which would have given it a majority position, and Ardent Leisure retained the remaining 75.8%. Ardent said the new capital was intended to enhance Main Event's financial flexibility during the COVID-19 closures of its centres and to position the business for future growth. Gerry Cardinale said RedBird would bring its experience in building sports and entertainment businesses to the company. Fried Frank advised RedBird on the preferred stock investment. Main Event is a Dallas-based operator of family entertainment centres founded in 1998 by Neil Hupfauer and David Smith, and has been a subsidiary of Ardent Leisure since 2006. At the time of the deal it operated 44 centres, mainly in the southern United States, combining bowling, laser tag, billiards, arcade games and full-service dining. RedBird exited in 2022 when Dave & Buster's agreed to acquire Main Event from Ardent Leisure and RedBird at an enterprise value of $835 million.

Who has invested in Main Event Entertainment?

1 investor has backed Main Event Entertainment across its funding rounds, including RedBird Capital Partners.

Lead investors include RedBird Capital Partners.


Main Event Entertainment Investors

Investors in Main Event Entertainment by funding rounds participated
InvestorHQRoundsRoleFirst check

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Main Event Entertainment Competitors

Main Event Entertainment competitors include listed companies like Marcus, SATS Group, Grupo CIE and Leejam Sports, and private ones like Hydrow and Starfield Hanam.

Public and private companies comparable to Main Event Entertainment
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MarcusUnited StatesUnited StatesPublicly listed$758M$90M$832M1.3x
HydrowUnited StatesBoston, MAPrivate--$857M-
SATS GroupNorwayNorwayPublicly listed$589M$226M$929M2.6x
Starfield HanamSouth KoreaHanamPrivate--$942M-
Grupo CIEMexicoMexicoPublicly listed$292M$91M$959M-
Leejam SportsSaudi ArabiaSaudi ArabiaPublicly listed$430M$192M$993M3.4x

Main Event Entertainment Public Comps

Main Event Entertainment is no longer listed, but its public comps include Marcus, SATS Group, Grupo CIE, Leejam Sports, Hollywood Bowl Group, Six Flags Entertainment, Cineplex, Xiamen Comfort Science, Shochiku and CJ CGV.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Marcus$758M$90M1.4x1.3x12.1x8.8x
SATS Group$589M$226M2.7x2.6x7.0x6.8x
Grupo CIE$292M$91M2.4x-7.8x-
Leejam Sports$430M$192M3.5x3.4x7.8x7.9x
Hollywood Bowl Group$337M$121M2.8x2.7x7.8x7.3x
Six Flags Entertainment$3.1B($867M)2.0x2.1x(7.0x)7.9x
Cineplex$917M$179M2.0x1.7x10.0x8.1x
Xiamen Comfort Science$763M$47M0.8x0.7x12.5x27.9x

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Common questions about Main Event Entertainment

When was Main Event Entertainment founded?Main Event Entertainment was founded in 1998.
Where is Main Event Entertainment headquartered?Main Event Entertainment is headquartered in Dallas, TX, United States.
Is Main Event Entertainment publicly listed?No, Main Event Entertainment was acquired by Dave & Buster's in April 2022.
Who acquired Main Event Entertainment?Main Event Entertainment was acquired by Dave & Buster's in April 2022.
How much was Main Event Entertainment acquired for?Main Event Entertainment was acquired for $835M in April 2022.
What is Main Event Entertainment's valuation?Main Event Entertainment was last valued at $424M in its strategic investment round in June 2020.
How much funding has Main Event Entertainment raised?Main Event Entertainment has raised $80M across 1 funding round.
What was Main Event Entertainment's last funding round?Main Event Entertainment's last funding round was a $80M strategic investment round in June 2020, led by RedBird Capital Partners.
Who are Main Event Entertainment's investors?Main Event Entertainment's investors include RedBird Capital Partners.
Which companies are comparable to Main Event Entertainment?Companies comparable to Main Event Entertainment include Marcus, Hydrow, SATS Group, Starfield Hanam, Grupo CIE and Leejam Sports.

See companies similar to Main Event Entertainment

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