Financing

P.F. Chang’s gets $20M investment from owner Paulson & Co.

The 300-unit chain said it will use the funding to keep growing after a record fourth quarter.
P.F. Chang's Manhattan flagship opened in December. / Photo courtesy of P.F. Chang's
P.F. Chang's Manhattan flagship opened in December. / Photo courtesy of P.F. Chang's

Paulson & Co., the private-equity firm that owns P.F. Chang’s, is investing $20 million in the chain to help fund its growth.

The 300-unit polished-casual chain has spent the past year renovating its U.S. restaurants as well as opening new locations of both its core brand and its fast-casual spinoff, P.F. Chang’s To Go. 

The infusion from Paulson will add fuel to those efforts.

“Fresh off a record-setting fourth quarter, this new equity investment spurs P.F. Chang’s continued growth plan,” the brand said in a statement. “We’re excited about what this investment means to the future of our brand, our team, and our valued guests.” 

The news was first reported by Bloomberg Law, which said Chang’s would also use the investment to fund working capital.

Paulson and TriArtisan Capital Partners acquired P.F. Chang’s in 2019 from Centerbridge Partners with plans to quickly grow the business. 

Paulson then installed partner Damola Adamolekun as the chain’s CEO. He has led a brand revamp, which has included new decor and a refined menu as well as a sharp focus on off-premise.

The changes helped Chang’s rebound from the pandemic in 2021, when systemwide sales rose 31.7%, according to Technomic data. 

It has also been opening new restaurants. In December, it opened a three-story flagship store in Manhattan and then a unit in Fort Worth in January. It also planned to open eight To-Go units last year.

The chain reportedly began exploring an initial public offering in 2021 but has not commented on those plans recently.

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