By Judy Chamberlain
In what will be the largest leveraged buyout of a restaurant chain since the 2010 transaction that brought a $4.2 billion price tag to Burger King holdings, P .F. Chang’s China Bistro is scheduled to be taken private in mid-June when private equity firm Centerbridge Partners pays P. F. Chang’s shareholders $51.50 a share in a $1.1 billion deal.
The chain, founded by Paul Fleming chef Philip Chiang, first opened in Scottsdale, Arizona, in 1993, offering Western-influenced Asian food at reasonable prices. It owns numerous company stores in the United States and sells licensing agreements in international markets. Fast-casual Pei Wei’s Asian Diner, which originated in Dallas, is part of the mix. Continue reading
