Report: P.F. Chang’s agrees to sale

TriArtisan Capital, Paulson to buy casual-dining chain from Centerbridge

 

Ron Ruggless, Nation's Restaurant News

Jan 11, 2019

 

P.F. Chang’s China Bistro Inc. has agreed to a purchase by investment firms TriArtisan Capital Partners Inc. and Paulson & Co. Inc., according a notice sent to investors and reported late Thursday by Bloomberg News.

 

The Scottsdale, Ariz.-based casual-dining chain has been owned by New York-based private-equity firm Centerbridge Partners L.P. since 2012, when it took P.F. Chang’s and its sibling fast-casual Pei Wei Asian Kitchen brand private in a deal estimated at $1.1 billion.

 

Centerbridge will reportedly retain ownership of 200-unit Pei Wei, which split off from P.F. Chang’s in 2017 and moved its headquarters to Irving, Texas.

 

Centerbridge and the board of P.F. Chang’s parent Wok Parent LLC had been exploring a possible sale since July, when they retained Bank of America’s Merrill Lynch and Barclays to oversee the process.

 

Bloomberg reported earlier in the week that the value of the deal was...

 

more, including links 

https://www.nrn.com/mergers-acquisitions/report-pf-chang-s-agrees-sale