Equity Firm Buys Chuck E. Cheese's for $1.3B

By Matt Perkins

Children's entertainment restaurant chain Chuck E. Cheese's has been bought by private equity firm Apollo Global Management for $1.3 billion, according to CNN Money. 

Apollo, which was also a buyer of Hostess Brands last year, will pay $54 a share in cash for the company CEC Entertainment, according to the report. 

CEC and its franchises operate 577 Chuck E. Cheese's locations in 47 states and in 10 foreign countries.

Apollo will pay 11.5 premium from Wednesday's CEC stock close and 25 percent above the closing price on Jan. 7, according to CNN Money.

The restaurant serves food from pizza to sandwiches and provides entertainment for children such as games and rides.

CEC reported a drop in revenue in five of the last seven quarters, though shares were up by 33 percent last year, acceding to CNN Money. 

Chuck E. Cheese's currently has 15 locations in Maryland: 

• Bel Air
• Annapolis
• Catonsville
• Dundalk
• Frederick
• Gaithersburg
• Glen Burnie
• Hagerstown
• Largo
• Laurel
• Rockville
• Salisbury
• Silver Spring
• Takoma Park
• Waldorf