PORTLAND - 12/13/2017 (PRESS RELEASE JET) — Durig Fixed Income 2 (FX2) reviews the parent company of a beloved family entertainment restaurant that has a long and distinguished history in the childhood of many Americans. CEC Entertainment is the parent company of Chuck E. Cheese as well as Peter Piper Pizza. Since 2014, the company has been owned by Apollo Management. Under Apollo, CEC has:
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Steadily grown annual revenues (from $718.6 million to $923.7 million)
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Expanded into unrepresented markets. The company added 22 new venues in 2016.
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Made progress on updating its restaurants to reflect changing consumer tastes.
Earlier this year, Apollo was in talks to either sell CEC or take the company public. Neither has materialized, but either might still be in the works. CEC has excellent interest coverage of 2.5x for the nine months ending September 30, 2017. The company’s 2022 bonds, with a yield-to-maturity of 9% make an excellent addition to the Durig Fixed Income-2 (FX2) managed income portfolio, the recent aggregated and benchmarked performance of which is displayed below.
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