Oak Hill Capital to buy Dave & Buster’s
Dallas Wellspring Capital Management LLC, the private-equity parent of Dave & Buster’s, is selling the 56-unit casual-dining chain to Oak Hill Capital Partners for $570 million, the companies said Monday.
The deal between Oak Hill and Wellspring, which has owned Dallas-based Dave & Buster’s since 2006, is expected to close in second quarter 2010.
Dave & Buster’s is the latest restaurant chain to be sold this year, following buyout announcements from CKE Restaurants, Papa Murphy’s International, Wingstop Restaurants and On the Border. In addition, California Pizza Kitchen said last month it was exploring strategic alternatives; a move analysts said could result in a sale.
Oak Hill said it would work with Dave & Buster’s current management team, including chief executive Steve King, as it expands the chain.
“We are very excited to partner with Oak Hill Capital given its extensive experience investing in consumer, retail and restaurant companies, as well as its long history of working successfully with management teams,” King said. “We believe Oak Hill Capital will be a value-added partner that will help Dave & Buster’s execute against its strategy of continuing to build its brand and expand its store base.”
Target among top brands
Target landed at number 62 on the fifth annual BrandZ Top 100 Most Valuable Global Brands report from Millward Brown Optimor, an operating company of WPP. When the list of 100 is filtered to isolate retailers only, Target ranked fifth behind top-ranked Walmart, Amazon, Tesco and Carrefour. After Target, other retailers rounding out the top 10 included Ebay, Home Depot, Aldi, Auchan and Lowe’s.
“The BrandZ Top 100 is the only ranking based on a brand valuation methodology that is grounded in both quantitative customer research and in-depth financial analysis,” according to the report. The firm says the ranking is exceptionally robust due to the fact that, in addition to publicly available financial data, it draws from WPP’s unique BrandZ data base.”
Kanakaredes helps Hanes fight breast cancer
WINSTON-SALEM, N.C. Hanes announced that for the second year, it will offer a special “pink collection” of panties, bras, socks, and graphic tees — including three t-shirts exclusively designed by Melina Kanakaredes, to help raise breast cancer awareness. Select items from the The Hanes “pink collection” have already begun rolling out in stores, including Hanes socks available at Walmart, the company reported. This fall, the entire collection including Kanakaredes’ tees will be available on Hanes.com and in select stores.
“I am thrilled to join Hanes and Susan G. Komen for the Cure to raise funds and awareness about breast cancer,” Kanakaredes said. “Like so many, I have been affected by the disease through the loss of family members and dear friends. I was inspired to join this fight to celebrate survivors and to honor the memory of those we have lost, and it is my sincere hope that my inspiration is evident in the Hanes t-shirts I have designed.”
Kanakeredes will also be featured in a series of Susan G. Komen for the Cure public service announcements dedicated to breast cancer awareness. Starting in October for National Breast Cancer Awareness Month, Kanakaredes will support the cause in a new Hanes print advertising campaign created by The Martin Agency of Richmond, Va.
Hanes announced that it has also been named the official t-shirt of the Susan G. Komen Race for the Cure Series. Hanes t-shirts will be provided to the 1.5 million people expected to participate in the race series. In addition, the company will serve as the official apparel sponsor of Passionately Pink for the Cure, a fundraising program created by Komen to inspire breast cancer advocacy and honor those affected by the disease.