SCOTTSDALE, ARIZ. — Full-service Asian restaurant chain P.F. Chang’s Bistro is up for sale, the company’s parent, Centerbridge Partners, announced on June 29.
“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, global co-head of private equity at Centerbridge. “We have a deep, talented team and compelling growth initiatives, including unit expansion of both our domestically operated and international franchise businesses, which together provide a powerful opportunity to capitalize on the strength of our brand and high quality menu.”
Centerbridge acquired P.F. Chang’s in 2012 for $1.1 billion and recently completed the operational separation of P.F. Chang’s Bistro and Pei Wei Asian Diner into two independently operated businesses.
P.F. Chang’s operates 214 locations in the United States and franchises another 93 restaurants in 24 countries around the world.
“We have enjoyed a very positive partnership with Centerbridge and are excited to tell prospective buyers about the company’s heritage, its attractive positioning in full-service Asian dining, the operational strengths of the business that we have built during Centerbridge’s ownership and its exciting growth prospects,” said Michael Osanloo, chief executive officer of P.F. Chang’s.