California Pizza Kitchen, a chain known for its unconventional pizza toppings such as BBQ chicken, is shaking up its leadership.
On Tuesday, an investor group led by Consortium Brand Partners said it plans to acquire California Pizza Kitchen.
Convive Brands, which is part of this group, will direct global operations. Convive Chief Executive Jon Weber will lead the restaurant group.
The deal is scheduled to close this month.
The new ownership, the group said, means the restaurant chain — also known as CPK — is positioning itself for “a new era of growth.”
It plans to expand the franchise, create new products and enhance the brand’s presence across restaurants and retail, according to a news release about the deal.
CPK was founded in 1985 in Beverly Hills by two former federal prosecutors, bringing a twist to pizza in casual dining restaurants.
Its menu includes flavor profiles such as Thai chicken, carne asada and a California Club — a pizza with ingredients you would normally find in a sandwich such as avocado, bacon, mayo and lettuce.
The pizza chain’s founders sold the company to private equity firm Golden Gate Capital in 2011 for $470 million.
Over time, the chain has expanded beyond restaurants.
CPK sells frozen pizzas, salad dressings and other items in more than 10,000 major grocery retailers.
The company has also piloted pizza vending machines in airports, campuses and entertainment venues.
“California Pizza Kitchen is a brand with a remarkable history and an even brighter future,” Weber said in a statement. “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.”
The restaurant chain struggled during the COVID-19 pandemic when people were forced to stay at home.
The company, burdened with debt, filed for bankruptcy protections in 2020 as it faced a drop in sales and restaurant closures.
Before the pandemic, CPK used to rake in 78% of its revenue through on-site dining. The company then shuttered 46 restaurants and received $30 million of emergency financing, Bloomberg reported in 2020.
Despite its financial troubles, CPK is still a well-known brand. The company bounced back from bankruptcy.
Terms of the recent deal weren’t disclosed in the news release, but Reuters reported in November that it was under $300 million.
CPK currently has more than 120 restaurants in 10 countries.
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