TriArtisan Capital Advisors, along with investment management firm Paulson has closed the acquisition of US casual dining restaurant chain, PF Chang’s from Centerbridge Partners.
The deal was announced in January last year and both the companies did not disclose the financial terms of the agreement. It is reportedly valued at around $700m.
Established in 1993, PF Chang’s currently operates more than 200 company-owned restaurants and 90 franchised locations across 24 countries. The restaurant chain is based in in Scottsdale, Arizona.
PF Chang’s CEO Jim Bell said: “We want to thank Centerbridge Partners for their strong support of P.F. Chang’s. We are fortunate to have a partnership with Paulson and TriArtisan which will allow us to implement a collaborative growth strategy.
“Paulson and TriArtisan bring financial strength and expertise that will allow us to grow our dine-in and off-premises channels both domestically and internationally.”
Paulson founder and President John Paulson said: “P.F. Chang’s is a highly differentiated, iconic global brand with excellent financial performance and strong growth prospects. We are very excited to partner with P.F. Chang’s outstanding management team to drive the business forward.”
BofA Merrill Lynch served as lead financial advisor, Barclays as financial advisor, and Weil, Gotshal & Manges as legal counsel to PF Chang’s for this transaction.
Credit Suisse acted as financial advisor while Ropes & Gray and Kleinberg, Kaplan, Wolff & Cohen, served as legal counsel to Paulson and TriArtisan’s.
TriArtisan founding partner Rohit Manocha said: “We intend to provide the management team with the resources to rapidly scale the business of providing high quality, contemporary Asian cuisine at a compelling value to our customers worldwide in both the off-premises and dine-in channels.”