California Pizza Kitchen has reportedly agreed to sell itself.
A group of investors led by Consortium Brand Partners has a deal to acquire the casual-dining pizza chain for “under $300 million,” Reuters reported Friday, citing sources familiar with the matter.
New York-based Consortium owns consumer brands such as activewear company Outdoor Voices and Draper James, Reese Witherspoon’s lifestyle brand. CPK would appear to be its first restaurant investment.
The buyer group also includes Eldridge Industries, which owns restaurant chains Le Pain Quotidien and Little Beet under its Convive Brands division. Investment bank Piper Sandler ran the sale process, per Reuters.
Costa Mesa, California-based California Pizza Kitchen is known for its inventive pizzas such as the popular BBQ Chicken Pizza. It has been owned by its lenders since filing for bankruptcy in 2020 and was previously owned by Golden Gate Capital, which bought it in 2011 for $470 million.
The chain has struggled in recent years. Systemwide U.S. sales declined 12.3% last year, to $406 million, and 17 locations closed, according to Technomic data. It finished 2024 with 198 restaurants, 131 of which were in the U.S.
Late last year, it began franchising in the U.S. for the first time in an effort to jump-start growth. It hoped to add 75 locations over the next five years.
According to Reuters, the company’s value has tilted toward its retail line of frozen pizzas and salad dressings rather than its restaurants.
Neither the chain nor Consortium had responded to a request for comment as of publication time Friday.
If sold, California Pizza Kitchen would become just the latest restaurant brand to change hands amid a flurry of M&A activity. Over the past month, Denny’s, Del Taco, Potbelly, Topgolf, Tijuana Flats, Iron Hill Brewery and HopCat have all been sold, while other large companies, such as Pizza Hut and MTY Food Group, are on the market.
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