CPK is Sold!

""According to LATimes.com, “After more than a year of searching for a buyer, California Pizza Kitchen said Wednesday that it would be acquired by the private equity firm Golden Gate Capital for $470 million.”

“If the deal is approved by CPK’s shareholders, San Francisco-based Golden Gate will begin to buy out the restaurant chain’s shares next month. Golden Gate has also purchased stakes in On the Border Mexican Grill and Romano’s Macaroni Grill. It owns a number of retail chains, including Eddie Bauer, Express and J.Jill. Under the proposed deal, CPK shareholders would be paid $18.50 a share. ‘We have great respect for the California Pizza Kitchen brand,’ said Josh Olshansky, a managing director with Golden Gate, in a statement. ‘The business that the CPK team has built, with its great product offerings, makes it an ideal fit with our long-term-oriented approach to investing.'”

“CPK founders and co-Chief Executives Larry S. Flax and Richard L. Rosenfield said in a statement that Golden Gate has ‘a proven track record as a value-added partner to its portfolio companies, and we believe that its significant commitment and experience in the sector will benefit all of our stakeholders.’ Flax and Rosenfield did not say whether they would be staying with the company. They did not respond to requests for an interview.”