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A chain of California-style pizza restaurants is swapping toppings — well, owners — as part of a several-hundred-million dollar deal.
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Investors announced Tuesday that they had reached a definitive deal to acquire California Pizza Kitchen, which operates more than 120 restaurants internationally. The casual dining chain will be bought out by Consortium Brand Partners, along with Eldridge Industries, Aurify Brands and Convive Brands.
Reuters previously reported that the sale was valued somewhere less than $300 million.
Convive Brands CEO Jon Weber was tapped to lead the restaurant group in this new era, while current California Pizza Kitchen President Michael Beacham will steward the company’s consumer packaged goods division, according to Reuters.
“California Pizza Kitchen is a brand with a remarkable history and an even brighter future,” Weber said in a statement. “Our focus remains on honoring CPK’s legacy, empowering the teams who drive its success every day, and welcoming the next generation of guests to experience the flavors and hospitality that will continue to set it apart.”
The company has plans to grow its footprint by opening new restaurants and expanding its presence in major grocery stores, according to the statement.
California Pizza Kitchen opened its first restaurant in Beverly Hills in 1985. It now operates locations internationally, including one Portland-area restaurant in Bridgeport Village. A Clackamas Town Center location was replaced with Dough Zone last year.
In 2020, the company filed for Chapter 11 bankruptcy, emerging later that year following a restructuring plan.
The sale to investors is expected to close this month.