PF Chang’s Is in Early Planning for Initial Public Offering
(Bloomberg) -- Restaurant chain PF Chang’s is in early talks with potential advisers about an initial public offering, according to people with knowledge of the matter.
The casual-dining restaurant, backed by private equity firm TriArtisan Capital Advisors, could be valued at at least $1 billion, the people said, asking not to be identified discussing private information. Any listing could happen as soon as this year, the people said.
Representatives for Scottsdale, Arizona-based PF Chang’s declined to comment and TriArtisan Capital didn’t immediately respond to a request for comment.
Founded in 1993 by Paul Fleming and Philip Chiang, PF Chang’s operates more than 200 restaurants and has 90 franchised locations across 24 countries, according to its website.
Chief Executive Officer Damola Adamolekun said in a Bloomberg Radio interview in June that pursuing an IPO is a “viable alternative” for capital.
Adamolekun said that dining is starting to rebound in New York city, with the chain’s lunch and catering businesses picking up. The company will have about 20 to-go restaurants by the end of this year, an increase from about eight now.
TriArtisan Capital and Paulson & Co. bought the restaurant chain from another private equity firm, Centerbridge Partners, in 2019. While terms of the transaction weren’t disclosed, Bloomberg News reported at the time that the sale was worth almost $700 million.
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