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.
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