Centerbridge Partners will take Chinese restaurant chain PF Chang’s private in a deal valued at $1.1 billion.
Centerbridge will pay $51.50 per share for the company, roughly a 30 percent premium over the restaurant chain’s average NASDAQ closing price during the past month. During the first quarter of 2012, PF Chang’s recorded $6.3 million of profit, down about 41 percent compared to the same period last year. Total revenues for Q1 2012 were about $319 million compared to roughly $317 million during Q1 2011.
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Wells Fargo and Deutsche Bank are acting as financial advisors to Centerbridge, which was unavailable for comment at press time.
Centerbridge closed its latest distressed vehicle on $4.4 billion in July 2011. The oversubscribed fund, Centerbridge Capital Partners II, exceeded its original $4.25 billion hard-cap by generating heavy interest from public institutions in the US, including the state pension systems of Massachusetts, Wisconsin and Oregon, the Texas County & District Retirement System and the Nashville and Davidson County Metropolitan Employee Benefit System.
Former Blackstone executive Mark Gallogy founded Centerbridge in 2006 with Jeffrey Aronson, a former distressed securities expert from hedge fund Angelo Gordon.