[March 16, 2023]

Five Star Announces Strategic Capital Investment from Court Square Capital Partners

Five Star Parks & Attractions ("Five Star" or the "Company"), a leading developer and operator of large-format family entertainment centers ("FECs"), today announced a strategic capital investment from Court Square Capital Partners, a middle market-focused private equity firm with $7.4 billion in assets under management. With Court Square's support, Five Star will be well positioned to accelerate its growth plans and optimize offerings across their portfolio of family entertainment centers. Terms of the deal were not disclosed.

Headquartered in Lexington, Kentucky, Five Star operates 20 family entertainment centers across multiple brands including The Track Family Fun Parks, Celebration Station, Xtreme, Speed Zone, LazerPort, Malibu Jack's, and Craig's Cruisers. Five Star's current locations are a strategic mix of indoor-only and indoor-outdoor FECs offering a variety of attractions including go-karts, arcades, bowling, thrill rides, laser tag, mini golf, and other family-oriented entertainment.

"This partnership strongly positions Five Star to further deliver on our growth plans and continue executing on our goal of building safe and accessible family entertainment centers throughout the US," said John Dunlap, CEO of Five Star. "The Five Star team is thrilled to partner with Court Square given their operating knowledge and extensive experience working with founder and management-owned businesses."

The capital investment comes after a period of rapid growth for Five Star. Over the past two years, Five Star as become the largest privately-owned FEC operator in the US with locations across the Southeast and Midwest and is well-positioned to drive sustainable growth by partnering with best-in-class brands in new markets. Existing shareholders, which include Fruition Partners, Taubman Capital, and management, will remain significant minority investors in the Company.

"We are impressed by the unique platform Five Star has created and are excited to partner with John Dunlap and the management team to drive further value creation and help the Company achieve its growth potential," said Joseph Silvestri, Co-Founder and Managing Partner at Court Square. "Five Star has many of the characteristics we look for when partnering with Founders, Families, and Manager-owners."

"We are excited to continue executing the Five Star M&A and Greenfield (new build locations) strategy while driving meaningful outcomes for the brands we partner with at Five Star. With Court Square's help, Five Star's position as the market leader providing the best guest experience in the FEC industry will only continue to improve," said Jay Coughlon, Managing Partner of Fruition Partners.

About Five Star Parks & Attractions:
Five Star Parks & Attractions is a platform that partners with and invests in leading FECs, instituting positive changes aimed at creating superior entertainment experiences for families. Five Star offers the passion and expertise of leaders who have spent their careers in the amusement and hospitality industries, and the financial backing necessary to create improved guest experiences and long-term success. As part of its ongoing growth strategy, Five Star is interested in hearing from existing FECs that may be interested in joining the team and learning about the group's future plans. For more information, please visit www.fivestarparks.com.

About Court Square Capital Partners:
Court Square is a middle market private equity firm with over 40 years' experience in the industry. Since 1979, Court Square has completed over 245 platform investments, helping Founders, Families, and Manager-owners to develop their companies into leaders in their respective markets. Court Square invests in companies that have compelling growth potential in the industrial, business services, healthcare, and tech and telecom sectors. Court Square has $7.4 billion of assets under management and is based in New York, N.Y. For more information on Court Square, please visit www.courtsquare.com.

About Fruition Partners:
Fruition is a Denver-based lower middle market private equity firm focused on partnering with entrepreneurs to execute consolidation strategies in fragmented industries. Bringing together teams, strategy, capital, and the most important element, execution, is our passion and building exceptional companies and lasting relationships is Fruition's mission. For more information on Fruition, please visit www.fruitionpe.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230316005442/en/

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