A pair of private-equity firms on Friday said that they have closed on their acquisition of P.F. Chang’s.
Paulson & Co. and TriArtisan Capital Advisors have acquired the 300-unit chain from Centerbridge Partners. Terms of the deal were not disclosed.
“We are fortunate to have a partnership with Paulson and TriArtisan which will allow us to implement a collaborative growth strategy,” P.F. Chang’s CEO Jim Bell said in a statement. “Paulson and TriArtisan bring financial strength and expertise that will allow us to grow our dine-in and off-premise channels both domestically and internationally.”
P.F. Chang’s first opened in 1993 in Scottsdale, Ariz., where the chain is still headquartered. The company has more than 200 company-owned locations along with more than 90 franchised restaurants in 24 countries.
U.S. sales at the chain rose 1.4% to $878 million, according to the Technomic Top 500 Chain Restaurant Advance Report. Average unit volumes exceed $4 million.
Paulson and TriArtisan were reported to have agreed on a deal valued at $700 million in January. The deal had been expected to take out all of the company’s $675 million in debt, according to reports.
John Paulson, founder and president of Paulson, called Chang’s “a highly differentiated, iconic global brand with excellent financial performance and strong growth prospects.”
Rohit Manocha, a TriArtisan founding partner, said the new owners plan to provide management “with the resources to rapidly scale the business.” The company will focus both on its dine-in business as well as the growing market for off-premise sales.
P.F. Chang’s put itself up for sale last year after receiving multiple offers. Centerbridge paid $1.1 billion for P.F. Chang’s and sister chain Pei Wei in 2012, taking the chains private in the process. Pei Wei has since been spun off.