Who Owns Dave & Buster's Company?

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Who Owns Dave & Buster's?

Understanding a company's ownership is key to grasping its strategic direction and market impact. For Dave & Buster's Entertainment, Inc., its journey from private beginnings to a publicly traded entity has significantly altered its shareholder base.

Dave & Buster's, a pioneer in the 'eatertainment' sector, has a history rooted in creating a unique blend of dining, sports viewing, and arcade gaming. Founded in 1982, the company has grown to operate 236 venues across North America under its namesake brand and Main Event as of May 2025.

The ownership of Dave & Buster's has evolved considerably since its inception. Initially, it was privately held, with its founders having significant stakes. Following its Initial Public Offering (IPO), ownership broadened to include public shareholders, institutional investors, and various investment firms.

Key stakeholders in Dave & Buster's Entertainment, Inc. (NASDAQ: PLAY) include institutional investors who hold substantial portions of the company's stock. For a deeper dive into the external factors influencing the company, consider a Dave & Buster's PESTEL Analysis.

The concept for Dave & Buster's was born from the collaboration of two entrepreneurs, David Corriveau and James 'Buster' Corley. They combined their existing entertainment and dining establishments to create a unique, integrated experience. The first location opened in Dallas, Texas, in December 1982, marking the beginning of a new era in entertainment dining.

Founding Vision

Corriveau and Corley aimed to merge dining with entertainment, creating a destination for patrons to 'Eat Drink Play and Watch.' Their complementary skills were key to this integrated approach.

First Location

The inaugural Dave & Buster's opened in Dallas, Texas, in December 1982. This 35,000-square-foot venue required an investment of approximately $3 million.

Founders' Partnership

The founders operated under a co-CEO leadership model, reflecting their equal partnership. Specific equity splits at inception are not publicly disclosed, which is typical for early-stage private companies.

Early Expansion Capital

In 1989, Edison Brothers Stores, Inc. acquired a majority stake in the company. This investment provided the necessary capital for significant expansion into new markets.

Transition in Ownership

The acquisition by Edison Brothers marked a pivotal moment, transitioning Dave & Buster's from founder-controlled operations to a company with substantial external investment.

Foundation for Growth

This strategic acquisition laid the groundwork for future growth and the eventual public offering of the company's stock.

The initial ownership structure of Dave & Buster's was a direct reflection of its founders, David Corriveau and James 'Buster' Corley. Their complementary skills in entertainment and food/beverage management were instrumental in shaping the company's unique business model. While the precise equity split at the company's inception is not publicly detailed, their collaborative approach as co-CEOs was evident. A significant shift in the Dave & Buster's ownership occurred in 1989 when Edison Brothers Stores, Inc. purchased a majority interest. This acquisition was crucial for fueling the company's expansion into new cities and represented a transition from a founder-centric ownership to one with significant external investment, paving the way for its future as a publicly traded entity.

Key Milestones in Early Ownership

The early years of Dave & Buster's were characterized by founder-led innovation and strategic external investment that facilitated growth.

• Founders David Corriveau and James 'Buster' Corley established the business.
• The first Dave & Buster's opened in Dallas, Texas, in December 1982.
• Edison Brothers Stores, Inc. acquired a majority interest in 1989.
• This acquisition provided capital for expansion and marked a shift in Dave & Buster's ownership structure.
• The early ownership history set the stage for the company's future public trading.

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The ownership journey of Dave & Buster's has seen several key transitions, from its acquisition by Edison Brothers Stores in 1989 to its public debut in 1995. Later, it was taken private in 2006 and subsequently sold to another investment firm in 2010, before re-emerging as a public entity.

The current iteration, Dave & Buster's Entertainment, Inc., began its public trading life on October 9, 2014, with an IPO that raised $94.1 million. At that time, Oak Hill Capital Partners held the majority of shares. The company's stock, traded under the ticker PLAY, has since seen shifts in its shareholder base, reflecting broader trends in institutional investment.

Major Stakeholders in Dave & Buster's

As of May 2025, institutional investors are significant players in Dave & Buster's ownership. These entities often drive strategic decisions and influence the company's direction.

• Institutional ownership stands at approximately 132.08%, indicating substantial holdings through various investment vehicles.
• Insider holdings represent about 1.03% of the company's shares.
• Hill Path Capital LP is the largest individual shareholder, controlling 7.12 million shares, which equates to 20.60% of the company.
• Other key institutional investors include BlackRock, Inc., Vanguard Group Inc, Eminence Capital, Lp, Patient Capital Management, LLC, iShares Core S&P Small-Cap ETF, Morgan Stanley, and Goldman Sachs Group Inc.
• These large institutional holdings can impact the Growth Strategy of Dave & Buster's and its overall corporate structure.

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The governance of Dave & Buster's Entertainment, Inc. is managed by its Board of Directors. As of May 2025, Kevin Sheehan holds the position of Board Chair, with Tarun Lal appointed as Chief Executive Officer and Board member following leadership changes in July 2025.

The company's voting structure generally follows a one-share-one-vote principle, which is standard for entities traded on NASDAQ. There is no publicly available information suggesting the existence of dual-class shares or other special voting rights that would concentrate control beyond equity ownership. The nominations and departures of board members, such as Allen R. Weiss and Nathaniel J. Lipman being nominated for the 2025 annual meeting while Michael Griffith, Gail Mandel, and Jennifer Storms did not seek re-election, indicate ongoing efforts to enhance leadership. This board composition is crucial for guiding the company through its current strategic phase, as detailed in discussions about the Revenue Streams & Business Model of Dave & Buster's.

Board of Directors and Shareholder Influence

The Board of Directors plays a vital role in overseeing the company's strategic direction and financial health. Shareholder voting power is typically tied directly to the number of shares owned, reflecting a common corporate governance model.

• Board Chair: Kevin Sheehan
• CEO and Board Member: Tarun Lal
• One-share-one-vote principle is standard.
• No disclosed dual-class shares.
• Board refreshment is an ongoing process.

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Over the past few years, Dave & Buster's has undergone significant strategic shifts and leadership changes, impacting its ownership trends. The company's acquisition of Main Event in 2022 marked a substantial expansion, broadening its market reach. These developments are key to understanding the current Dave & Buster's ownership landscape.

Dave & Buster's has actively engaged in capital allocation strategies, particularly through share repurchase programs. In fiscal 2024, the company bought back approximately 5 million shares for $172.0 million, which represented 12.4% of its outstanding shares. Further buybacks occurred in the first quarter of fiscal 2025, with 1 million shares repurchased for $23.9 million. An additional $100 million was authorized for stock buybacks in December 2024, with approximately $104 million remaining under this authorization as of April 2025. These actions demonstrate a commitment to enhancing shareholder value and managing its capital structure effectively. The company reported fiscal 2024 revenue of $2.1 billion and a net income of $58.3 million, underscoring its financial performance amidst these strategic moves.

Shareholder Returns

The company has consistently repurchased shares, returning capital to investors. This strategy aims to boost earnings per share and reflect confidence in the company's valuation.

Strategic Acquisitions

The acquisition of Main Event significantly diversified the company's brand portfolio. This move targets a broader demographic, enhancing its overall market presence.

Leadership Evolution

Recent leadership appointments, including a new CEO and CFO, signal a focus on strategic direction and operational efficiency. These changes are crucial for navigating future growth opportunities.

International Growth

The opening of its first international franchise location in India highlights a commitment to global expansion. This strategy is supported by a pipeline of over 35 committed international franchise agreements, indicating a strong potential for future revenue streams and a broader Dave & Buster's ownership base.

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