Joliet Chuck E. Cheese and Others Sold to Equity Firm

The same firm that purchased Hostess Brands last year has bought all of the Chuck E. Cheese restaurants, including the one in Joliet.

The children's entertainment restaurant chain was acquired by private equity firm Apollo Global Management for $1.3 billion, according to CNN Money on Thursday.

Apollo announced it 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, including 22 in Illinois. In addition to the Joliet location at 3250 Chicagoland Circle, near the Louis Joliet Mall, there restaurants in Naperville and Tinley Park.

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 pizza, sandwiches and other menu items, as well as games, rides and other forms of child entertainment. 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.