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