Houlihan Lokey Advises Five Star Parks & Attractions

Houlihan Lokey is pleased to announce that Five Star Parks & Attractions (Five Star), a portfolio company of Fruition Partners and Taubman Capital, has received a majority strategic capital investment from Court Square Capital Partners. The transaction closed on February 23, 2023.

Five Star is a leading developer and operator of large-format family entertainment centers (FECs) and has evolved into the largest privately owned FEC operator in the U.S., with locations across the Southeast and Midwest. 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. The company is the result of a focused and intentional roll-up acquisition strategy across the fragmented family entertainment center landscape and is well positioned to accelerate its growth plans and optimize its offerings across its portfolio of assets.

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 Fruition’s passion, and building exceptional companies and lasting relationships is Fruition’s mission.

Court Square is a middle-market private equity firm with more than 40 years’ experience in the industry. Since 1979, Court Square has completed more than 245 platform investments, helping founders, families, and manager-owners 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, New York.

Houlihan Lokey acted as the exclusive financial advisor to Five Star and structured and negotiated the transaction on behalf of the company and its shareholders. This transaction highlights Houlihan Lokey’s continued position as a leading advisor within the out-of-home and consumer entertainment space.