Dave & Buster's sold

Cory Lum • The Honolulu Advertiser

Advertiser Staff

Dave & Buster's Inc., which opened its first restaurant and entertainment site in Hawai'i last year in Kakaako, said yesterday it has agreed to be acquired for about $255 million by a management-led group and the Bahrain-based investment firm Investcorp. Investors will receive $12 a share in cash, 13 percent more than yesterday's closing price. Dave & Buster's scaled back expansion plans and was selling properties to reduce debt after sales declined following the Sept. 11 attacks. Founded in 1982, Dallas-based Dave & Buster's operates 31 restaurants in the United States and has licensing agreements for the Pacific Rim, Canada, the Middle East, Mexico and Korea. Sales rose 7.7 percent to $358 million in the fiscal year ended Feb. 3.