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
“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.
©2018 Bloomberg L.P.
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@example.com.
Read Skift Table for Essential News on the Business of Restaurants
Subscribe to our daily newsletter to follow industry trends, creativity, and innovation as we help define the future of dining out.
Innovative Restaurateurs: Zingerman’s Helps Businesses Make Money and Keep Staff
2 days ago
As restaurants are scrambling to banish abusive cultures, Zingerman’s training arm is marking its 25th year of teaching ideas like open-book management, leadership philosophy, and continuous improvement.