PRIVATE EQUITY OWNED
P.F. Chang's
Includes PF Changs, PF Chang's, P.F. Changs
casual dining · Scottsdale, AZ
- Year Acquired
- 2019
They spent $700 million on a Chinese restaurant chain and immediately forgot how to run one.
What They Did
- TriArtisan Capital and Paulson & Co. bought P.F. Chang's for $700 million in 2019 from Centerbridge Partners, the chain's second private equity owner since it went private in 2012
- Extended temporary layoffs for up to 5,800 workers across 20+ states during COVID, filing WARN notices when employees' hours were cut by more than 50% for six months
- Kicked the debt down the road: in December 2024 the owners pushed a roughly $480 million loan due in 2026 out to 2029
Since the Acquisition
- The menu now sells staples like the signature lettuce wraps in half-size portions for less, the chain's nod to diners watching what they spend
- The menu ballooned with sushi, cocktails, and unfocused additions that diluted what made P.F. Chang's distinctive — it used to be a Chinese bistro, now it's a TGI Friday's with chopsticks
- P.F. Chang's filed notices warning up to 5,800 workers across 20-plus states that their hours could be cut by more than half for six months or more during COVID
Sources
- P.F. Chang's plays with portion sizes on new menu — Restaurant Business Online(2024-09-04)
- P.F. Chang's extends temporary layoffs for up to 5,800 workers — Restaurant Dive(2020-10-01)
- Private equity firms buy P.F. Chang's for $700M — Restaurant Dive(2019-01-11)
- PF Chang's Debt Extension Deal May Lift Junk Rating — BNN Bloomberg(2024-12-10)
- P.F. Chang's completes sale to TriArtisan Capital Advisors — Nation's Restaurant News(2019-03-04)