M&A Deal Summary

Centerbridge Partners and Quilvest Capital Partners Acquire P.F. Chang’s

On May 1, 2012, asset manager Centerbridge Partners and private equity firm Quilvest Capital Partners acquired restaurant P.F. Chang’s for 1.1B USD

Acquisition Highlights
  • This is Centerbridge Partners’ 2nd and Quilvest Capital Partners’ 8th transaction in the Restaurants sector.
  • This is Centerbridge Partners’ 5th and Quilvest Capital Partners’ 9th largest (disclosed) transaction.
  • This is Centerbridge Partners’ 11th and Quilvest Capital Partners’ 35th transaction in the United States.
  • This is Centerbridge Partners’ 1st and Quilvest Capital Partners’ 1st transaction in Arizona.
Investment Fate
  • P.F. Chang’s was sold to a consortium of financial buyers in 2019.

M&A Deal Summary

Date 2012-05-01
Target P.F. Chang’s
Sector Restaurants
Buyer(s) Centerbridge Partners
Quilvest Capital Partners
Deal Type Going Private
Deal Value 1.1B USD
Advisor(s) Goldman Sachs (Financial)
DLA Piper (Legal)

Target

P.F. Chang’s

Scottsdale, Arizona, United States
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

Centerbridge Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2005
PE ASSETS 38.0B 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 12 of 47
Sector (Restaurants) 2 of 2
Type (Going Private) 1 of 3
State (Arizona) 1 of 2
Country (United States) 11 of 39
Year (2012) 2 of 6
Size (of disclosed) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-03 Aquilex

Atlanta, Georgia, United States

Aquilex Corp. is a provider of critical maintenance, repair and industrial cleaning solutions to the energy industry.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-31 Reddy Ice Holdings

Dallas, Texas, United States

Reddy Ice Holdings, Inc. is a manufacturer and distributor of packaged ice in the United States. The Company sells its products primarily under the widely known Reddy Ice® brand to a variety of customers in 37 states and the District of Columbia. Reddy Ice provides a broad array of product offerings in the marketplace through traditional direct store delivery, warehouse programs, and its proprietary technology, The Ice Factory®.

Buy -
Buyer

Quilvest Capital Partners

Paris, France

Investor Investor Investor Investor Investor


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 78 of 98
Sector (Restaurants) 8 of 8
Type (Going Private) 5 of 6
State (Arizona) 1 of 1
Country (United States) 35 of 43
Year (2012) 5 of 9
Size (of disclosed) 9 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-19 Wholesome Sweeteners

Sugar Land, Texas, United States

Wholesome Sweeteners is a provider of organic and Fair Trade certified sweeteners both as ingredients to organic food and beverage brands and as branded products in the retail channel.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-09 Altea Therapeutics

Atlanta, Georgia, United States

Altea Therapeutics Corp. develops and commercializes transdermal drug delivery systems.

Sell -