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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. [ 6 ]
The first of the now-cross-country restaurant chain appeared in Scottsdale, Arizona in 1993. The name P.F. Chang's is derived from Paul Fleming's initials (“PF"). He also conceptualized Pei Wei Asian Diner, a casual, quick-service offshoot of P.F. Chang's. P.F. Chang's was sold in 2012 for $1.1 billion. [12]
In 2012, Centerbridge acquired P. F. Chang's China Bistro, a chain of Chinese casual dining restaurants. [11] Three years later announced its agreement to buy Senvion SE from Indian wind turbine manufacturer Suzlon [12] and acquired Great Wolf Resorts, the world's largest chain of indoor water park resorts for $1.35 billion. [13]
Centerbridge Partners bought PF Chang's back in 2012 in a $1.10-billion deal including Pei Wei Asian Diner. However, those two brands are now separate from each other.
On Tuesday, the investment group buying Red Lobster tapped former P.F. Chang’s CEO Damola Adamolekun as the company’s next leader if it exits Chapter 11 successfully. Tijuana Flats
On Monday, Fortress announced that it will install the former chief executive of P.F. Chang’s, Damola Adamolekun, as Red Lobster’s new CEO once the chain exits bankruptcy proceedings.
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. Chang's remained in the full-service restaurant segment. [2] The first Pei Wei location opened in Scottsdale in 2000. [3]
Damola Adamolekun, P.F. Chang’s CEO and Paulson & Co. Partner joins the Yahoo Finance Live panel to discuss P.F. Chang’s To Go concept and the impact of COVID on the restaurant industry.