P.F. Chang’s To Be Sold To Private Equity Duo

P.F. Chang’s China Bistro has agreed to a purchase by private equity firms TriArtisan Capital Partners and Paulson & Co.

The companies have not commented, but Bloomberg News reported Jan. 11 that the deal, estimated at around $700 million, is expected to close in the first quarter of 2019.

The Scottsdale, Ariz.-based casual-dining chain operates 214 locations in the U.S. and franchises another 93 restaurants in 24 countries around the world.

P.F. Chang’s has been owned by private-equity firm Centerbridge Partners since 2012, when it took the chain and its fast-casual Pei Wei Asian Kitchen brand private in a deal estimated at $1.1 billion. Centerbridge will reportedly retain ownership of the 200-unit Pei Wei, which split off from P.F. Chang’s in 2017 and moved its headquarters to Irving, Texas.