California Pizza Kitchen’s sale is no longer just a quiet rumor. An investor group led by Consortium Brand Partners has officially agreed to acquire the 40-year-old brand, according to Reuters. The deal comes about five years after the iconic pizza chain declared bankruptcy due to pandemic-induced woes.
New ownership will reportedly seek to scale the pizza chain via franchising, both domestically and internationally. The brand currently has over 120 locations across a dozen or so countries.
CPK’s consumer packaged goods (CPG) division was one thing that made it an attractive investment, along with its brand recognition. “CPK has extreme brand loyalty for something that’s been around for so long…and there’s an incredible amount of opportunity left,” Cory Baker, founder of Consortium Brand Partners, told Reuters.
Related: Sold for Under $300 Million: Iconic Pizza Chain Reportedly Changes Hands in Quiet Deal
Reuters offered further clarity regarding the restructuring of CPK’s leadership. Jon Weber, who currently serves as CEO of Convive Brands—part of the investor group buying CPK—will serve as CEO of CPK’s restaurant division.
Michael Beachem, the current president of CPK, will head up the brand’s consumer packaged goods division. That business includes frozen pizzas sold through Nestlé and salad dressings distributed to more than 10,000 grocery stores worldwide.
The deal follows similar uncertainty swirling around Papa Johns, Pizza Hut, Papa Murphy’s and other pizza chains. The transactions and persistent rumors seem to indicate the headwinds facing the industry—ones exacerbated at scale.
According to Reuters, investors in the CPK deal include Eldridge Industries, Bain Capital and Aurify Brands. The group is set to officially close on the deal, reported to be “under $300 million,” by the end of the month.
California Pizza Kitchen was founded in Beverly Hills, California, in 1985. It grew to nearly 200 locations prior to scaling back in recent years. The company now claims over 120 locations worldwide but records nearly $1 billion in revenue between its restaurant and CPG divisions.
As it rebounded from the 2020 bankruptcy, California Pizza Kitchen looked for new ways to grow. That included announcing domestic franchising in 2024—something the brand had never done before.
