California Pizza Kitchen seeking buyers – source
California Pizza Kitchen Inc (CPKI.O) is seeking buyers for the restaurant chain, a source familiar with the deal said, sending its shares up as much as 17 percent on Friday.
The chain known for gourmet hearth-baked pizzas and creative salads is valued at just over $500 million based on Friday’s closing share price of $20.74.
California Pizza shares rose as much as 17.2 percent on Friday, including the after-hours rise.
Private equity groups have been smelling opportunity in the casual dining sector of late, as financing becomes more accessible and consumers show more willingness to eat out.
Rival CKE Restaurants Inc (CKR.N), owner of the Hardee’s and Carl’s Jr hamburger chains, has solicited counter offers recently after agreeing in February to be bought by private equity firm Thomas H. Lee Partners.
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