California Pizza Kitchen chain to be sold
California Pizza Kitchen, known for such ambitious offerings as the 1,440-calorie Tostada Pizza, will be acquired by Golden Gate Capital, an investment company that owns the Romano's Macaroni Grill and On The Border chains. The deal is expected to be worth about $740 million.
CPK has been looking for a buyer for about a year. The company has been suffering from a slowdown in sales, despite adding less expensive, smaller portions of some products last year, along with an aggressive international expansion strategy that has taken it to India, South Korea and other countries. This isn't the first time the company has been sold; the founders sold it to Pepsico in 1992, only to buy it back several years later. - The Consumerist
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