California Pizza Kitchen Gets PE Bidder

According to Reuters, “Private equity firm American Securities is bidding for California Pizza Kitchen Inc (CPKI.O), two people familiar with the situation said.”

“Neither American Securities and California Pizza were immediately available for comment. The 25-year-old restaurant chain, which has a market capitalization of more than $400 million, said in April that it hired investment bank Moelis & Co as its exclusive financial adviser to consider changes in its capital structure, a possible sale or other combination. Earlier this month, the company, which offers unusual items like Korean barbecue steak tacos and pear and gorgonzola pizzas, raised its second-quarter earnings forecast as sales at established restaurants fell less than expected.”