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California Pizza Kitchen Sells to Investor Group
Consortium Brand Partners (CBP) anticipates “a new era of growth” for California Pizza Kitchen (CPK), the casual dining restaurant chain launched in 1985 in Beverly Hills. CBP, Eldridge Industries, Aurify Brands and Convive Brands have agreed to acquire CPK, which has been owned by its lenders since emerging from Chapter 11 bankruptcy in 2020. Although terms were not disclosed, Reuters reported that the deal was for less than $300 million.
Convive CEO Jon Weber will serve as CEO of the CPK restaurant group, overseeing all restaurant operations globally. Current CPK president Michael Beacham will take the reins of the consumer packaged goods business.
“California Pizza Kitchen is a brand with a remarkable history and an even brighter future,” said Weber. “As we look to realize its exceptional potential, 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.”
- ◦Sale/Acquisition
