Following the sale of P.F. Chang’s China Bistro, the chain would be split from its offshoot chain Pei Wei Asian Diner.
The owner of the chains, Centerbridge Partners, would sell the P.F. Chang’s China Bistro chain to TriArtisan Capital Partners and Paulson & Co. for $700 million. This would also include the assumption of debt amounting to $675 million. Bloomberg News reports that this deal will likely be completed by the end of this quarter.
P.F. Chang’s China Bistro is currently a Scottsdale-based chain. Centerbridge Partners obtained the chain back in 2012, spending $1.1 billion on the deal at the time. After obtaining the company, it was made private.
Centerbridge Partners would maintain ownership of the Pei Wei Asian Diner chain under this deal.
Since the first P.F. Chang’s location opened in 1993, the chain has grown to over 200 locations in the United States alone. Several other locations exist in different countries around the world. Of the 210 locations, eight are in the Phoenix metro.
There is currently no word on how this deal could affect current P.F. Chang’s employees.