Skift Take
Under owner Centerbridge, P.F. Chang's has plummeted from a pretty solid casual concept with quality food to, well, the opposite. In a just world the PE firm will be punished financially for its poor choices.
— Jason Clampet
Chinese restaurant chain P.F. Chang’s Bistro may be headed to the auction block, private equity owner Centerbridge Partners LP said.
“Given the positive performance of P.F. Chang’s Bistro and having received multiple unsolicited indications of interest, this is an exciting time to explore a sale,” Steve Silver, global co-head of private equity, said in a statement.
Centerbridge bought the brand in 2012 and recently completed its operational separation from Pei Wei Asian Diner. The firm and the board of Wok Parent LLC — an affiliate of Centerbridge — have retained BofA Merrill Lynch and Barclays to explore the potential sale.
The 2012 deal valued the chain at $1.1 billion, Bloomberg reported at the time. But many companies in the industry have struggled in recent years amid a grocery price war that has driven down the price of food and fears that the U.S. market is saturated with restaurant locations. Centerbridge didn’t say what kind of price it would seek for the chain.
P.F. Chang’s operates 214 locations in the U.S. and franchises another 93 restaurants in 24 countries around the world.
Centerbridge couldn’t immediately be reached for comment beyond the press release.
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This article was written by Craig Giammona and Melissa Mittelman from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to [email protected].
