SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Centerbridge Partners and the Board of Managers of Wok Parent LLC have announced that they have retained BofA Merrill Lynch and Barclays to explore a potential sale of P.F. Chang’s Bistro. Centerbridge acquired P.F. Chang’s in 2012 and recently completed the operational separation of P.F. Chang’s Bistro and Pei Wei Asian Diner into two independently operated businesses.
“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,” said Steve Silver, Global Co-Head of Private Equity at Centerbridge. “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 capitalize on the strength of our brand and high quality menu.”
“We have enjoyed a very positive partnership with Centerbridge and are excited to tell prospective buyers about the company’s heritage, its attractive positioning in full-service Asian dining, the operational strengths of the business that we have built during Centerbridge’s ownership and its exciting growth prospects,” said Michael Osanloo, P.F. Chang’s CEO.
P.F. Chang’s Bistro is the market leader in full-service Asian restaurants, operating 214 locations in the U.S. and franchising another 93 restaurants in 24 countries around the world. Bistro restaurants generated an average unit volume of $4.1mm in 2017.
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