TriArtisan Capital Advisors is reportedly in talks with Centerbridge Partners to purchase US casual dining restaurant chain P.F. Chang’s.

Bloomberg reported that the deal could be valued at around $700m and that TriArtisan is currently in talks with lenders for financing.

Bloomberg noted that a Centerbridge Partners representative declined to comment and TriArtisan and PF Chang’s representatives also chose not to respond.

The restaurant chain was acquired by Centerbridge Partners for around $1.1bn. P.F. Chang’s and Pei Wei Asian Diner were separated to operate as two independent entities in 2012.

“TriArtisan is currently in talks with lenders for financing.”

In June last year, Centerbridge and Wok Parent’s board of managers announced that they were planning to explore a potential sale of P.F. Chang’s Bistro.

At that time, Centerbridge private equity global co-head Steve Silver said: “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.

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“We have a deep, talented team and compelling growth initiatives, including unit expansion of both our domestically operated and international franchise businesses, which together provide a powerful opportunity to capitalise on the strength of our brand and high-quality menu.”

Established in 1993, PF Chang’s currently operates more than 214 restaurants in 22 countries and territories. This includes three airport locations.