California Pizza Kitchen has agreed to be acquired by an investor group led by Consortium Brand Partners, five years after the US restaurant chain emerged from a Chapter 11 bankruptcy, according to a report by Reuters.
As part of the transaction, Jon Weber, chief executive of Convive Brands, will become CEO of California Pizza Kitchen’s restaurant division. Michael Beacham, the current president of the group, will lead the consumer packaged goods business. Financial terms were not disclosed, and the transaction is expected to close later this month.
The consortium includes Eldridge Industries, Bain Capital Credit and Aurify Brands. Founded more than 40 years ago in Beverly Hills, California Pizza Kitchen operates more than 120 locations globally, with close to $1bn in annual revenue. The business had been owned by lenders since its July 2020 bankruptcy, which followed a sharp pandemic-related slowdown and a heavy debt burden from its previous private equity owner.
The new owners plan to expand the brand in the US and internationally through franchise partners, while scaling its consumer packaged goods offering, which includes frozen pizzas sold in partnership with Nestlé and salad dressings distributed with Litehouse across more than 10,000 grocery stores worldwide.
