New York City-based private-equity firm TriArtisan Capital Partners is in negotiations to acquire Asian casual-dining chain P.F. Chang’s for as much as $700 million, according to media reports.
Representatives from TriArtisan, P.F. Chang’s and Centerbridge Partners, the restaurant chain’s current private-equity owner, did not respond to Restaurant Business’ phoned and emailed requests for comment Monday.
TriArtisan, part of a group that purchased casual-dining chain TGI Fridays in 2014, is currently talking with lenders about financing the P.F. Chang’s deal, according to a Bloomberg article.
The chain, which was purchased along with fast casual Pei Wei Asian Diner for $1.1 billion by New York-based Centerbridge Partners in 2012, has 220 U.S. locations and about 80 others around the globe. The two concepts split in 2017 and are run independently.
P.F. Chang’s hired advisers to explore a sale of the brand last summer, after receiving “multiple unsolicited indications of interest,” a Centerbridge representative said in a statement at the time.