David “Dave” O. Corriveau, cofounder of the Dave & Buster’s restaurant–entertainment concept, died Saturday in Dallas. He was 63.
Corriveau, who founded the 75-unit concept with James “Buster” Corley in 1982, stepped down as president and director of Dave & Buster’s in March 2007, after the company was purchased by an affiliate of Wellspring Capital Management LLC, a private-equity firm in New York.
Dallas-based Dave & Buster’s Entertainment Inc., which returned to the public market last year in a $94.1 million offering, said in a statement Monday that Corriveau “was a true innovator in the world of restaurant entertainment and will be greatly missed. Our hearts and prayers go out to his family at this difficult time.”
Steve King, Dave & Buster’s CEO, who worked briefly with Corriveau in 2006 and 2007, said in an email: “His passion for games and fun lives on at Dave & Buster's to this day.”
Corriveau and James "Buster" Corley opened the first Dave & Buster’s in Dallas, after the two met in Little Rock, Ark., upon opening stores next to each other.
Corriveau sold an earlier restaurant concept, Cash McCools, in 1975. In 1977, he opened Slick Willy's World of Entertainment, a 10,000-square-foot billiard and entertainment facility, in Little Rock's renovated train station.
Corley, who had worked in management at TGI Fridays, opened a restaurant, Buster’s, next door to Slick Willy’s. The two later teamed up and put both concepts under one roof, the first Dave & Buster’s.
Current Dave & Buster’s units range across a variety of footprints, from 16,000 square feet to 66,000 square feet and larger.
Before going public in 2014, Dave & Buster’s was owned by private-equity firm Oak Hill Capital Partners, which acquired the casual-dining chain in 2010 for $570 million. The company was public from 1997 to 2006, when it was taken private by Wellspring Capital Partners, along with HBK Main Street Investors LP.
In 2013, Dave & Buster’s units averaged about $10.1 million in revenue per location for its same-sales-store base. Dave & Buster’s ended fiscal 2013 with net income of $2.2 million and revenue of $635.6 million, with same-store sales rising 1 percent for the year.
Earlier this month, Dave & Buster’s released preliminary financial results for the fourth quarter ended Feb. 1, estimating revenue between $203.8 million and $204.8 million, and net income between $25.2 million and $26.2 million. Preliminary same-store-sales estimates were between 10 percent and 10.2 percent for the quarter, the company said.
Dave & Buster’s has locations in 30 states and Canada.
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