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Centerbridge to possibly sell PF Chang’s Bistro
Posted on Friday, 06 July 2018 13:09
Centerbridge Partners has announced it is to explore a possible disposal of its Asian restaurant business PF Chang’s Bistro. Steve Silver, global co-head of the private equity firm, said: “Given the positive performance of PF Chang’s Bistro and having received multiple unsolicited indications of interest, this an exciting time to explore a sale.” Barclays and Bank of America Merrill Lynch have been mandated to examine a potential transaction. Formed in 1993, the PF Chang’s Bistro claims to be a market-leader in full-service Asian dining. It has vast distribution, with 214 restaurants in the US, as well as a further 93 facilities in 24 countries due to its franchising. Centerbridge took PF Chang’s Bistro private in an institutional buyout in 2012 worth USD 1.10 billion. The company achieved sales last year of USD 913.00 million, which was an increase on its 2016 figures of USD 906.00 million. It also averaged a unit volume of USD 4.10 million in 2017. PF Chang’s Bistro’s chief executive, Michael Osanloo, said that the sale would attract potential buyers due to its position on the Asian food market, and will allow further scope for growth. According to the publication Restaurant News, the company is planning to open seven new US restaurants as well as establishing more facilities internationally. Centerbridge’s other acquisition, Pei Wei Asian Diner, will not be considered in a sale as it was recently separated from PF Chang’s Bistro and relocated from its former Scottsdale headquarters to Irving, Texas. The vendor has not announced if a sale would impact the target, and did not respond to a request for further information. According to Zephyr, the M&A database published by Bureau van Dijk, there have been 267 deals targeting full service restaurants providers announced worldwide since the beginning of 2018. The largest of these is worth USD 560.00 million and took the form of an institutional buy out of asphalt Brazilian steakhouse restaurant chain operator Fogo de Chao by Rhone Group. © Zephus Ltd