The owner of P.F. Chang’s Bistro has put the restaurant chain up for sale.
Centerbridge Partners, the New York-based private equity firm that bought the Asian chain in 2012, said late on Friday that it has hired advisors to explore a sale of the 300-unit chain.
“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,” Steve Silver, global co-head of private equity at Centerbridge, said in a statement.
Centerbridge paid $1.1 billion for P.F. Chang’s and its sister chain, Pei Wei Asian Diner, in 2012 and recently separated the two chains so they are operated individually. P.F. Chang’s is an upscale casual concept, and recently opened its first location in China.
The chain generated $882 million in U.S. system sales in 2017, according to Technomic data. Average unit volumes exceed $4 million.
Michael Osanloo, P.F. Chang’s CEO, called the years with Centerbidge a “very positive partnership.”
Centerbridge hired Bank of America Merrill Lynch and Barclays to explore a potential sale of the brand.
Several companies could be interested in acquiring the chain. Macaroni Grill’s owner is looking to add a new concept, as is the new owner of Bravo Brio Restaurant Group.