P.F. Chang’s is looking for a new possessor.
Centerbridge Partners and the board of managers of Wok Parent revealed Friday they own retained Bank of America Merrill Lynch and Barclays to explore a credible sale of the Chinese food chain.
“Given the positive performance of P.F. Chang’s Bistro and give birth to received multiple unsolicited indications of interest, this is an exciting on many occasions to explore a sale,” Steve Silver, global co-head of private neutrality at Centerbridge, said in a statement. “We have a deep, talented team and compelling proliferation initiatives, including unit expansion of both our domestically operated and ecumenical franchise businesses, which together provide a powerful opportunity to capitalize on the soundness of our brand and high quality menu.”
Centerbridge acquired P.F. Chang’s in 2012 and recently uncoupled it from Pei Wei Asian Diner, creating two distinct businesses.
P.F. Chang’s currently directs 214 locations in the U.S. and has franchised 93 stores in 24 countries.