P.F Chang’s Owner is Looking for a Buyer

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The owner of P.F. Change, the Asian themed U.S. bistro chain founded in 1993 by Paul Fleming and Philip Chiang, is looking for a sale.

The company’s owner Centerbridge said on Friday that it has retained Bank of America Merrill Lynch as well as Barclays to explore a possible sale of the chain.

Centerbridge acquired the company in 2012 and recently separated it from Pei Wei Asian. P.F. Chang’s operates 214 locations in the U.S. and has franchised 93 stores in 24 countries.

Centerbridge has said it has recieved “multiple unsolicited indications of interest.”

“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,” said Steve Silver, global co-head of private equity at Centerbridge.

“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,” he added.