P.F. Changs Set to Go Private After $1.1 Billion Deal

SCOTTSDALE, Ariz.P.F. Chang's China Bistro, Inc., announced it is being acquired by the private investment firm Centerbridge Partners L.P. for $1.1 billion. The transaction, which is expected to close no later than the end of third quarter 2012, will result in P.F. Chang's transitioning to private company.

Under the terms of the agreement, Centerbridge will acquire all of the outstanding shares of P.F. Chang's common stock for $51.50 per share in cash. The deal is subject to regulatory and other customary closing conditions.

Commenting on the acquisition, Rick Federico, Chairman and CEO of P.F. Chang's, said: "We look forward to working with Centerbridge to further strengthen the Company and our growing P.F. Chang's, Pei Wei, True Food Kitchen and Global Brands businesses. We are confident that being a private company will provide us with greater flexibility to focus on our long-term strategic plan of elevating our guest experience, enhancing our value proposition, growing traffic and improving the performance of our brands."

Last month, Pei Wei Asian Diner, the fast-casual restaurant concept by P.F. Chang's, opened its first Pei Wei Asian Market in Phoenix. The spin-off maintains a focus on fresh, hand-prepared ingredients and made-to-order dishes while emphasizing convenience through a faster service model and lower price-points.