Los Angeles-based California Pizza Kitchen has entered into an agreement to be sold to an affiliate of Golden Gate Capital (San Francisco) for $18.50 per share in cash, or approximately $470 million.
The transaction is expected to close in the third quarter of this year, according to QSR Magazine.
“We are very excited as we open a new chapter in the very successful history of CPK,” say Rick Rosenfield and Larry Flax, co-ceos, co-chairmen of the board, and co-founders of California Pizza Kitchen. “Golden Gate Capital is a leading investor in the restaurant industry, with a proven track record as a value-added partner to its portfolio companies, and we believe that its significant commitment and experience in the sector will benefit all of our stakeholders.”
The chain operates about 265 casual-dining restaurants in 30 states specializing in gourmet pizzas featuring unique topping combinations, such as duck, barbecued chicken and grilled shrimp.