Denver, Colo., April 25, 2022 — The Forbes M+A Group (“Forbes”), a leading investment bank, is pleased to announce it has served as exclusive advisor to The Summit, a family entertainment center (FEC) group with three standalone locations across the Denver and Colorado Springs markets, on its sale to Main Event Entertainment Inc. (“Main Event”), a major US-based FEC operator. The transaction creates a powerhouse in the leisure, recreation, and entertainment industry.
“After securing our position as a leader in the local market, we were seeking a transaction partner to help us leverage that momentum and carry out an ambitious growth plan,” said Dennis Schavietello, CEO of Performance Entertainment LLC, The Summit’s management company. “Forbes exceeded our expectations by bringing in one of the largest national players in the market as a buyer. Not only did they execute the entire process, but they also provided strategic advice with specific expertise in areas like real estate sale-leasebacks.”
“This transaction is evidence to the value of a great operation. In addition to providing the seller with market penetration in one of its target trade areas, the partnership combines two outstanding management teams to create a thought leader in the leisure, recreation, and entertainment industry,” said Jon Wiley, Managing Director at Forbes.
The Summit’s three FECs and Main Event’s existing centers offer a similar variety of elevated entertainment options and dining experiences. Together with Main Event’s one Colorado location, the acquisition significantly accelerated Main Event’s growth plan for this region. “Our client is a regional leader who provides an excellent platform for continued growth in this key market,” said Bob Forbes, President at Forbes. Recently, Main Event announced it will be acquired by Dave & Busters, a national entertainment business with dining and arcade games, for $835 million.
Forbes’ advisory team to The Summit and Performance Entertainment LLC was led by Forbes Managing Director Jon Wiley, with support and strategic advising from Bob Forbes, President; Blake Shear, Director; and Brett Johnson, Associate.
About The Summit
The Summit specializes in elevated entertainment in the form of casual dining, laser tag and games, and bowling. The Summit’s three world-class family entertainment centers in the Denver and Colorado Springs area—The Summit Windsor, The Summit Interquest, and The Summit Thornton—provide an ideal venue for anything from date night to corporate events.
The Forbes M+A Group, founded in 2004, with offices in Denver, CO, Salt Lake City, UT, and Nashville, TN, is an award-winning investment bank with expertise in mergers and acquisitions, raising capital, and financial restructuring within the middle market. Senior advisors at The Forbes M+A Group have 250+ years and $85+ billion of combined transaction experience across a wide variety of industries and around the globe. The Forbes M+A Group has been recognized regionally as the M&A Firm of the Year for the past seven years. For more information regarding this transaction, contact Jon Wiley at Jon.Wiley@forbes-partners.com.
About Main Event
Main Event Entertainment is the fastest-growing, bowling-anchored entertainment business in America, with 46 centers in Texas, Arizona, Georgia, Illinois, Kentucky, Missouri, Ohio, Oklahoma, New Mexico, Kansas, Florida, Pennsylvania, Indiana, Tennessee, Maryland, Delaware, and Colorado. Its unique “Eat.Bowl.Play.” experience features state-of-the-art bowling, laser tag, high ropes adventure courses, billiards, video games, and dining options for everyone.
For more information on this and other transactions, contact The Forbes M+A Team.