P.F. Chang’s may be sold
The corporate owners of Scottsdale-based P.F. Chang’s China Bistro chain have hired BofA Merrill Lynch and Barclays to explore a potential sale.
P.F. Chang’s China Bistro, the Scottsdale-based Asian restaurant chain, could be put up for sale soon.
Private-equity firm Centerbridge Partners and the board of Wok Parent LLC said they have hired BofA Merrill Lynch and Barclays to explore a potential sale of P.F. Chang’s Bistro, but not of Pei Wei Asian Diner.
The latter, fast-casual chain recently was split into a separate business and moved its headquarters from Scottsdale to Irving, Texas.
Centerbridge, based in New York, acquired both entities when it purchased P.F. Chang’s, formerly one of Arizona’s largest public corporations, for $1.1 billion in 2012.
“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,” said Steve Silver, Centerbridge’s global co-head of private equity, in a prepared statement.
“We have a deep, talented team and compelling growth initiatives, including unit expansion of both our domestically operated and international franchise businesses. Together (they) provide a powerful opportunity to capitalize on the strength of our brand and highquality menu.”
Michael Osanloo, CEO of P.F. Chang’s, said the company built up operating strengths during Centerbridge’s ownership and intends to share “exciting growth prospects” with potential buyers.
P.F. Chang’s Bistro, which was founded in 1993, operates 214 restaurants in the U.S. and, through franchises, has 93 other restaurants in 24 additional nations.
The restaurants generated an average $4.1 million in sales volume each in 2017, the company said.
Total U.S. sales for P.F. Chang’s approximated $913 million last year, up from a $906 million in 2016, according to estimates by Nation’s Restaurant News.
The announcement didn’t discuss the possible impact of a sale on P.F. Chang’s Scottsdale headquarters, and the company didn’t immediately respond to a request for more information.