Centerbridge to Buy P.F. Chang's for $1.1 Billion

In one of Tuesday's more fascinating pieces of news, it looks as if P.F. Chang's PFCB has landed a $1.1 billion leveraged buyout from Centerbridge, valuing the chain Chinese restaurant at a 40% premium while leaving the option open for a more lucrative deal before the end of May. Centerbridge Partners, a private-equity company, wants to take P.F. Chang's private t $51.50 per share in cash. P.F. Chang's operates restaurants that have the same name, plus Pei Wei Asian Diners. The company employs roughly 26,000 people, and it owns and operates about 400 restaurants. “We are confident that being a private company will provide us with greater flexibility to focus on our long-term strategic plan of elevating our guest experience, enhancing our value proposition, growing traffic and improving the performance of our brands,” P.F. Chang's CEO Rick Federico said in a statement. For the deal to proceed, a minimum of 83% of the company's shareholders will have to tender their shares. If that happens, the deal should be concluded no later than the end of 3Q. “We have great respect for P.F. Chang's, its brands, and the company's strong commitment to its customers, employees, and partners,” said Jason Mozingo, senior managing director at Centerbridge. “We look forward to working with management to lead the company through its next phase of growth and development.” Follow me @BCallwood.