P.F. Chang's Manhattan flagship opened in December. / Photo courtesy of P.F. Chang's
Paulson & Co., the private-equity firm that owns P.F. Chang’s, is investing $20 million in the chain to help fund its growth.
The 300-unit polished-casual chain has spent the past year renovating its U.S. restaurants as well as opening new locations of both its core brand and its fast-casual spinoff, P.F. Chang’s To Go.
The infusion from Paulson will add fuel to those efforts.
“Fresh off a record-setting fourth quarter, this new equity investment spurs P.F. Chang’s continued growth plan,” the brand said in a statement. “We’re excited about what this investment means to the future of our brand, our team, and our valued guests.”
The news was first reported by Bloomberg Law, which said Chang’s would also use the investment to fund working capital.
Paulson and TriArtisan Capital Partners acquired P.F. Chang’s in 2019 from Centerbridge Partners with plans to quickly grow the business.
Paulson then installed partner Damola Adamolekun as the chain’s CEO. He has led a brand revamp, which has included new decor and a refined menu as well as a sharp focus on off-premise.
The changes helped Chang’s rebound from the pandemic in 2021, when systemwide sales rose 31.7%, according to Technomic data.
It has also been opening new restaurants. In December, it opened a three-story flagship store in Manhattan and then a unit in Fort Worth in January. It also planned to open eight To-Go units last year.
The chain reportedly began exploring an initial public offering in 2021 but has not commented on those plans recently.
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FAQs
Who are P.F. Chang's China Bistro's investors? Drum Capital Management, Paulson & Co., and TriArtisan Capital Advisors have invested in P.F.
Who owns PF Chang's now? ›
P. F. Chang's China Bistro is an American-based, casual dining restaurant chain founded in 1993 by Paul Fleming and Philip Chiang that serves Asian fusion cuisine. Centerbridge Partners owned and operated Chang's until acquired by the private equity firm TriArtisan Capital Advisors on March 2, 2019.
How much is PF Chang's net worth? ›
Chang's was valued at $1.1 billion, according to Bloomberg. Pei Wei Asian Diner, a separate restaurant chain recently split from P.F. Chang's, will not be included in the sale and is staying with Centerbridge Partners.
Who is the new CEO of PF Chang's? ›
Chang's announces former Panera exec Eduardo Luz as CEO and president. P.F. Chang's China Bistro, Inc. announced Monday the appointment of former Panera Bread chief brand and concept officer Eduardo Luz as the Scottsdale, Ariz.
What is the sister company to PF Changs? ›
The restaurant chain was created as Pei Wei Asian Diner in 2000 by P. F. Chang's China Bistro (PFCB) to compete in the fast casual restaurant segment with a Pan Asian menu and quick, made-to-order service model, while P. F.
What does PF Chang stand for? ›
Chang's opened its doors in 1993 at Scottsdale Fashion Square in Scottsdale, AZ. What does P.F. Chang's stand for? P.F. Chang's was conceived and developed by Paul Fleming (P.F.) and Philip Chiang (Chang) so both names were incorporated into the name of the concept.
How old is the CEO of PF Changs? ›
Chang's 34-year-old CEO on what he learned from billionaire John Paulson.
Who is the owner of the PF Changs Raiders? ›
Mark M Davis (born May 18, 1955) is an American businessman and sports franchise owner. He is the controlling owner and managing general partner of the Las Vegas Raiders of the National Football League (NFL) and the owner of the Las Vegas Aces of the Women's National Basketball Association (WNBA).
Why did PF Chang's change their menu? ›
To meet the evolving tastes of consumers nationwide, the brand is shifting its focus from Chinese-based recipes to a broader Asian experience, putting an emphasis on menu influences from Japan, Korea, Thailand and beyond.
How much does the CEO of PF Chang make a year? ›
Based on our data, it appears that the optimal compensation range for a Chief Executive Officer at Pf Changs China Bistro Inc is between $713,812 and $1,188,080, with an average salary of $936,698.
SCOTTSDALE, Ariz., July 31, 2023 – P.F. Chang's China Bistro, Inc. (the “Company”) today announced that Damola Adamolekun has decided to step down as Chief Executive Officer (“CEO”) effective August 1st, 2023. The Board has appointed Rohit Manocha, a shareholder representative and P.F.
Who is the CFO of PF Changs? ›
Jake Kay - CFO - P.F. Chang's China Bistro Inc. LinkedIn.
Is PF Chang's a publicly traded company? ›
If P.F. Chang's were to go public, this wouldn't be the first time. The chain originally went public in 1998, five years after the company was established. It was taken private in 2012 when it was acquired by an affiliate of Centerbridge Partners for $1.1 billion.
What is PF Chang's stock ticker? ›
Chang's China Bistro Stock (NASDAQ:PFCB) P.F.
Who is the former CEO of PF Changs? ›
Former P.F. Chang's CEO Damola Adamolekun is joining New York City-based principal investment firm, Garnett Station Partners as operating partner after four years helming the Scottsdale, Ariz.
