P.F. Chang’s China Bistro
P.F. Chang’s China Bistro didn’t formally launch until 1993, but the restaurant concept’s story began in the 1960s with the iconic restaurant The Mandarin, founded by Cecilia Chiang, in San Francisco. Chiang brought the concept to Los Angeles in 1974, and her son, Philip Chiang, operated it. Prolific restaurateur Paul Fleming became a fan of the concept, and the two partnered on a new Asian concept that became P.F. Chang’s — the “P.F.” was for Paul Fleming, and Chiang dropped the “I” for the “Chang.” It would become the first national full-service chain with a menu of wok cooking, later going public, and adding on the fast-casual Pei Wei Asian Kitchen. In 2012, the company invested in True Food Kitchen.
Also in 2012, P.F. Chang’s was acquired by Centerbridge Partners LP for about $1 billion, taking the chain private and speeding the purchase True Food Kitchen. In 2019, P.F. Chang’s was sold to TriArtisan Capital Advisors LLC and Paulson & Co.
In 2020, the company announced plans to expand off-premise-focused “P. F. Chang’s To Go” locations.
Key Data: P.F. Chang’s
Headquarters: Scottsdale, Ariz.
Segment: Casual Dining
Restaurant segment: FSR Regional/Ethnic
Number of U.S. locations: 185
2020 Sales: $766.9 million
Source: Datassential Firefly 500
CEO: Damola Adamolekun
Parent: TriArtisan Capital Advisors