TriArtisan And Paulson Buy P.F. Chang's

TriArtisan and Paulson buy P.F. Chang’s. 
   
TriArtisan Capital Advisors and Paulson & Co. bought P.F. Chang’s China Bistro from Centerbridge Partners. 
   
P.F. Chang’s was created in 1993 by chef Philip Chiang and restaurateur Paul Fleming. It has grown into a famous eatery known for made-from-scratch Asian cuisine. Their focus continues to be high-quality, fresh ingredients, and wok-trained chefs. Today the Company has 220 company-owned restaurants and 90 franchised locations across 24 countries.
Jim Bell of P.F. Chang’s said: ‘We want to thank Centerbridge for their strong support of P.F. Chang's. We are lucky to have a partnership with Paulson and TriArtisan which will let us carry out a collaborative growth strategy. Paulson and TriArtisan bring financial strength and ability that will let us grow our dine-in and off-premises channels both domestically and internationally.’
P.F. Chang’s went private when the company, along with former sister restaurant, Pei Wei Asian Kitchen, was first bought by Centerbridge in 2012 in a $1 billion deal.
Centerbridge began looking at a sale last July, retaining Merrill Lynch and Barclays. At the time, Steve Silver of Centerbridge cited ‘recent positive performance’ and ‘many unsolicited indications of interest’ as motivating factors.
In August, Michael Osanloo, CEO and president of P.F. Chang’s since 2015, left the company to join Portillo’s Hot Dogs as its new chief executive.
John Paulson said: ‘P.F. Chang's is a highly differentiated, iconic global brand with excellent financial performance and strong growth prospects. We are excited to partner with P.F. Chang's' outstanding management team to drive the business forward.’
Rohit Manocha of TriArtisan said: ‘We intend to give the management team the resources to rapidly scale the business of providing high quality, contemporary Asian cuisine at a compelling value to our customers worldwide in both the off-premises and dine-in channels.’
BofA Merrill Lynch acted as lead financial advisor to the Company. Barclays also acted as financial advisor to the Company. Weil, Gotshal & Manges served as legal counsel to the Company. 
  
Credit Suisse served as Paulson and TriArtisan's financial advisor for this transaction. Ropes & Gray and Kleinberg, Kaplan, Wolff & Cohen served as legal counsel.

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