There was a time when P.F. Chang's — both the brand and the food — just seemed wonderfully fresh. Anyone who has visited lately know that is no longer the case. And changing from one P.E. firm to another is not really the traditional way to reinvigorate a tired brand.
— Jason Clampet
Triartisan Capital Advisors is in exclusive talks to acquire Chinese food restaurant P.F. Chang’s for as much as $700 million from rival private equity firm Centerbridge Partners, according to people with knowledge of the matter.
Triartisan is talking with lenders about financing a potential deal for P.F. Chang’s, said one of the people, who asked to not be identified because the matter isn’t public. No final decision has been made and talks could fall through, they said.
Representatives for Triartisan, Centerbridge and P.F. Chang’s didn’t respond to requests for comment.
P.F. Chang’s has about 220 restaurants in the U.S. and dozens more in Mexico, South Korea, the United Arab Emirates and elsewhere, according to its website.
Centerbridge retained Bank of America Corp. and Barclays Plc to explore a sale of P.F. Chang’s, the firm announced in June, after separating the chain from Pei Wei Asian Diner. The private equity firm had acquired the restaurants in 2012 for about $1.1 billion.
Triartisan, based in New York, was formed in 2016 and is the successor to Triartisan Capital Partners, according to its website. The company invests in consumer retail, professional services and other types of businesses. Triartisan Capital Partners was part of an investor group that acquired restaurant chain TGI Friday’s in 2014.
©2019 Bloomberg L.P.