Centerbridge Partners, L.P sold 193-unit fast casual Pei Wei Asian Diner to PWD Acquisition LLC for an undisclosed sum, the companies said Wednesday in a statement.
California-based PWD, which operates quick-service Asian concepts Pick Up Stix, Leeann Chin, and Mandarin Express, is owned by Lorne Goldberg. The company operates 165 stores in 23 states.
Pei Wei, once part of P.F. Chang’s China Bistro, split from the full-service brand in 2017. After the operational split, the brand changed its name from Pei Wei Asian Kitchen to Pei Wei Asian Diner. It moved its headquarters from Scottsdale, Arizona, to Irving, Texas, shortly after.
Earlier this year in March, Centerbridge sold P.F. Chang’s to investment firms TriArtisan Capital Advisors LLC and Paulson & Co. Inc. for an undisclosed amount. Although Bloomberg reported in January that the sale was for about $700 million. P.F Chang’s more than $675 million of total debt would be take out at part, a private notice sent to investors said.
BofA Merrill Lynch acted as financial adviser to Centerbridge. Brookwood Associates did the same for PWD Acquisition. Greenberg Glusker Fields Claman & Machtinger LLC served as legal counsel for PWD Acquisition. Weil, Gotshal & Manges LLP and Polsinelli PC served as legal counsel to Centerbridge and Pei Wei.