New York Private Equity Firm in Talks with CPK

According to the New York Post, “California Pizza Kitchen appears close to a deal that has been cooking for more than four months, two sources close to the situation said.”

“Private equity firm American Securities Capital Partners is in advanced talks to buy the publicly-traded chain of 260 restaurants and is lining up debt financing, The Post has learned. The price could not be learned and talks could still fall apart. Still, American Securities is in talks with Barclays and General Electric to borrow money to fund the leveraged buyout, two sources said. CPK has a $410 million enterprise value, and closed yesterday down more than 2 percent to $16.77 per share. This has been a long chase for American Securities. It was in talks to buy the business even before California Pizza banker Moelis & Co. started an auction to sell the company, a source said.”