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California Pizza Kitchen Reaches Sale Agreement

California Pizza Kitchen is about to come under new ownership. A collection of companies reached a deal to acquire the casual dining chain and the transaction is expected to close by the end of December.

CPK Summerlin PhotoThe deal is valued at less than $300 million, per a Reuters story.

California Pizza Kitchen’s new ownership group will consist of Consortium Brand PartnersEldridge IndustriesAurify Brands and Convive Brands. Bain Capital Credit is supporting the acquisition with a debt and equity investment, the release added.

Convive Brands will direct global operations and serve as master franchisor for all CPK restaurants worldwide. Jon Weber, chief executive officer of Convive Brands, will serve as CEO of the CPK restaurant group, overseeing all restaurant operations globally. Part of Eldridge Industries’ portfolio, Convive Brands is a New York City-based hospitality group operating a variety of restaurant concepts, including Le Pain Quotidien US and The Little Beet chains.

Aurify Brands is no stranger to the restaurant industry, too. It is a franchisee of Wingstop and Five Guys, per its website. And the company cites such concepts as Melt Shop, Fields Good Chicken and Happy Monkey among its original concepts.

California Pizza Kitchen was founded in 1985 in Beverly Hills and today the chain has more than 120 restaurants in 10 countries, along with a consumer packaged goods business featuring frozen pizzas and other products available in grocery retailers nationwide and across the globe. The brand has also recently launched a pizza vending machine concept, bringing freshly baked CPK pizzas to airports, campuses, and entertainment venues.