P.F. Chang's to Move to Private Ownership
05/01/2012 – International news gathering organization, Reuters, reported today that P.F. Chang's China Bistro Inc , which owns and operates two restaurant concepts in the Asian niche. P.F. Chang's China Bistro and Pei Wei Asian Diner, announced plans to go private in a $1.1 billion deal with Centerbridge Partners.
New York City based Centerbridge Partners, L.P. is a private equity firm specializing in leveraged buyouts and distressed securities opportunities.
According to the Los Angeles Times, P.F. Chang’s Chief Executive Rick Federico said, “We are confident that being a private company will provide us with greater flexibility to focus on our long-term strategic plan of elevating our guest experience, enhancing our value proposition, growing traffic and improving the performance of our brands,” P.F. Chang Chief Executive Rick Federico said in a statement.
The deal allows P.F. Chang’s to contemplate alternative offers throughout May. As long as no better offer is negotiated, the Centerbridge purchase is expected to close by the end of the third quarter.
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