SCOTTSDALE, Ariz. – The parent company of P.F. Chang’s is looking to sell the Asian concept. Centerbridge Partners and the board of managers of Wok Parent LLC retained Band of America Merrill Lynch and Barclays as advisors.
“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 acquire P.F. Chang’s in 2012. The private equity firm recently separated the bistro from Pei Wei Asian Diner. P.F. Chang’s Bistro operates 214 locations in the United States and franchises another 93 restaurants in 24 countries. Bistro restaurants generated an average unit volume of $4.1 million in 2017.
“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, CEO of P.F. Chang’s.