A Private Equity Firm Just Bought Chuck E. Cheese For $950 Million
CEC Entertainment, the company that owns children's pizza joint and baby-sitting nightmare
The company stopped trading on January 7th, when speculation that the company would be bought began. Now the stock price sits at $54.47.
Including debt, the deal is valued at $1.3 billion.
"We are pleased to have reached this agreement with Apollo, which maximizes value for all of our shareholders," said Richard M. Frank, Executive Chairman of CEC. "This transaction represents the successful conclusion of our extensive review of strategic alternatives."
"We are excited about this transaction with Apollo, as it recognizes the value of CEC's global brand, strong cash flows and growth prospects while providing our shareholders with an immediate and substantial premium," said Michael H. Magusiak, President and Chief Executive Officer of CEC. "Apollo brings significant industry expertise and financial resources, and we look forward to working with them to further grow CEC domestically and internationally."
"This transaction with CEC gives us the opportunity to partner with the proven leader in family dining and entertainment," said Scott Ross, Partner at Apollo Global Management. "Across the U.S., and increasingly around the world, the Chuck E. Cheese's brand represents quality, safe and fun family entertainment."
"We look forward to partnering with CEC's exceptional management team, talented employees and franchise partners to support the continued growth of the Company," said Lance Milken, Partner at Apollo Global Management.
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