Wellspring sells Dave & Busters for $570M

May 3, 2010 at 2:49p.m.

DALLAS (AP) — The private equity firm that owns Dave & Buster's is selling the restaurant and arcade chain to another firm in a deal worth $570 million.

The deal was announced today by seller Wellspring Capital Management, new owner Oak Hill Capital Partners and the restaurant chain.

After the deal, Dave & Buster's current management team also will own a stake. Oak Hill's portfolio includes retailer The Container Store and TravelCenters of America.

Wellspring bought the company in 2006 in a deal worth $375 million, including the assumption of debt.

The deal is expected to close in the second quarter.