M&A Deal Summary

Paulson and TriArtisan Capital Advisors Acquire P.F. Chang’s

On March 1, 2019, hedge fund Paulson and private equity firm TriArtisan Capital Advisors acquired restaurant P.F. Chang’s from Centerbridge Partners and Quilvest Capital Partners

Acquisition Highlights
  • This is Paulson’s 1st and TriArtisan Capital Advisors’ 2nd transaction in the Restaurants sector.
  • This is Paulson’s 2nd and TriArtisan Capital Advisors’ 6th transaction in the United States.
  • This is Paulson’s 1st and TriArtisan Capital Advisors’ 1st transaction in Arizona.

M&A Deal Summary

Date 2019-03-01
Target P.F. Chang’s
Sector Restaurants
Buyer(s) Paulson
TriArtisan Capital Advisors
Sellers(s) Centerbridge Partners
Quilvest Capital Partners
Deal Type Secondary Buyout
Advisor(s) BofA Securities
Barclays Investment Bank (Financial)
Weil Gotshal & Manges (Legal)

Target

P.F. Chang’s

Scottsdale, Arizona, United States
website
P.F. Chang’s is an operator of full-service restaurants that feature high-quality, authentic Chinese cuisine, and American hospitality in a contemporary bistro setting. P.F. Chang’s was founded in 1993 and is based in Scottsdale, Arizona.

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Buyer(S) 2

Buyer

Paulson

Investor Investor Investor

website


Category Hedge Fund
Founded 1994
PE ASSETS 8.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Paulson & Co. Inc. is a diversified investment management firm focused on a variety of strategies. Paulson & Co. Inc. was formed in 1994 and is headquartered in New York City.


DEAL STATS #
Overall 3 of 3
Sector (Restaurants) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Arizona) 1 of 1
Country (United States) 2 of 2
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-13 Extended Stay America

Charlotte, North Carolina, United States

Extended Stay America is an operator of moderate-price extended-stay hotels in North America, with 600+ hotels and approximately 76,000 rooms located in 44 states and Canada. The Company currently operates under five brands in the extended-stay segment: Extended Stay Deluxe, Extended Stay America, Homestead Studio Suites, StudioPlus and Crossland. Extended Stay America is headquartered in Charlotte, North Carolina.

Sell -
DESCRIPTION

TriArtisan Capital Advisors is a private equity firm focused on mid-sized company investments and acquisitions. The Firm targets profitable companies with $25 to $300 million of EBITDA operating in a variety of industries including retail, business services, industrial, media, and healthcare. Prospective transaction situations include buyouts, growth equity investments, spin-offs, carve-outs, roll-ups, recapitalizations, and restructurings. TriArtisan Capital Advisors was originally established in 2002 and is headquartered in New York City.


DEAL STATS #
Overall 6 of 7
Sector (Restaurants) 2 of 3
Type (Secondary Buyout) 1 of 2
State (Arizona) 1 of 1
Country (United States) 6 of 7
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-04 Mears

Orlando, Florida, United States

Mears is a provider of taxi, shuttle, luxury, and bus service in Orlando. In addition, Mears offers luxury car service in any city or airport in the world, including such popular travel destinations as Las Vegas, New York, Miami, Los Angeles, Boston, San Francisco, Dallas, or Atlanta. Mears was founded in 1939 and is based in Orlando, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-01 HOA

Atlanta, Georgia, United States

HOA is an operator of over 430 Hooters restaurants in 44 states and 27 foreign countries. HOA is well-known for its brand of food and fun, featuring a casual beach-theme atmosphere, a menu that features seafood, sandwiches and Hooters nearly, chicken wings, and service provided by the All-American cheerleaders, the Hooters Girls. HOA was founded in 1983 and is based in Atlanta, Georgia.

Buy -

Seller(S) 2

SELLER

Centerbridge Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 2005
PE ASSETS 16.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Centerbridge Partners is a mega-sized private equity firm focused primarily on distressed/special situations in North America and Europe. In addition to making control investments, Centerbridge also maintains funds for non-control credit investments. Centerbridge was formed in 2005 and is based in New York City.


DEAL STATS #
Overall 14 of 24
Sector (Restaurants) 1 of 2
Type (Secondary Buyout) 6 of 9
State (Arizona) 2 of 2
Country (United States) 13 of 22
Year (2019) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-27 Phoenix Insurance

Givatayim, Israel

Phoenix Insurance provides life and health, and general insurance services. The company provides general insurance products in the property, liabilities, and other lines of activity. The company provides accident insurance, critical illness insurance, and also provides life, health, and general reinsurance services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-04 Acoustic

Burlington, Massachusetts, United States

Acoustic is a provider of marketing automation tools, marketing analytics, and an AI-powered content management system. Acoustic is based in Burlington, Massachusetts.

Buy -
SELLER

Quilvest Capital Partners

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1972
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Quilvest Capital Partners is the private equity investment arm of asset management firm Quilvest. Quilvest Capital Partners invests in private equity and debt funds as well as makes direct investments. The direct investment group looks for opportunities in the US, Europe, and 'opportunistically' in Asia with a preference for buyout, growth capital, and venture transactions. Quilvest Capital Partners will consider both minority and majority positions. Quilvest Capital Partners was established in 1972 and is based Paris.


DEAL STATS #
Overall 56 of 68
Sector (Restaurants) 4 of 5
Type (Secondary Buyout) 21 of 25
State (Arizona) 1 of 1
Country (United States) 26 of 34
Year (2019) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-16 Small Tube Products

Duncansville, Pennsylvania, United States

ST Products LLC is a producer of precision redrawn, small diameter, thin wall copper, and specialty alloy tubes. ST Products was founded in 1947 and is based in Duncansville, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-30 Vyve Broadband

Purchase, New York, United States

Vyve Broadband is a broadband platform focused on non-urban markets in Oklahoma, Kansas, Texas, and Arkansas.

Sell -