更高级杠杆收购案例研究：Apollo收购Chuck E.Cheese.pdfVIP

MoreAdvancedLeveragedBuyout(LBO)/PrivateEquityCaseStudy–

Apollo’sBuyoutofChuckE.Cheese[CEC]:

“IsThataPoisonPillinYourPizza?”

Inthiscasestudy,youwillanalyzeApollo’s$1.3billionleveragedbuyout(LBO)ofChuckE.

Cheese’s,AKA‘CECEntertainment’[CEC].

CECisaUS-basedkids’restaurantchainthatoffersarcades,games,andotherhigh-end

“toys”inadditiontofoodandbeverages.

Itearnedrevenueof$822millioninitsmostrecentfiscalyear,alongwithEBITof$84million

andAdjustedEBITDAof$169million.

Itoperated522storelocations,primarilycompany-ownedstoresintheUS,asofitsmost

recentfiscalyear,andnnedtoopen50-60newstorelocationsoverthenext4years.

AlthoughCEChadperformedwellandrapidlyincreaseditsstorecountinthe1980sand1990s,

itsperformancestalledinthepost-financialcrisisyears,withrevenuestagnantat$822million

inFY2013vs.$817millioninFY2010.

Additionally,thecompany’ssame-storesahaddeclined1-3%intwoofthepastthreefiscal

years.

However,ithadshownconsiderableimprovementintheyearpriortothebuyout,withsame-

storesaandrevenuebothincreasingduetoamajorrebranding.

Also,whileaveragefoodbeverage(FB)saperstorehavefallenby32%overthepast10

years,itshigher-marginentertainmentmerchandise(EM)saperstorehaveincreasedby

54%overthepast10years.

Atthesametime,FBmarginshavedeclinedwhiletheEMmarginshaveincreaseddueto

fallingCOGS.

更高级的杠杆收购(LBO)/私募股权案例研究–Apollo收购

ChuckE.Cheese[CEC]：

“你的披萨里丸吗？”

在本案例研究中，您将分析Apollo以13亿杠杆收购ChuckE.Cheese’s（又名

“CECEntertainment”[CEC]）的。

CEC是一家总部位于的儿童连锁餐厅，除了食品和饮料外，还街机、游戏和其

他高端“玩具”。

一个财年的收入为8.22亿，息税前利润为8400万，调整后EBITDA为

1.69亿。

截至一个财年，该公司在