California Pizza Kitchen (CPK) is on the verge of being acquired by an investor group led by Consortium Brand Partners, with participation from Todd Boehly’s Eldridge Industries. The deal, valued at under $300 million, marks a significant move for both companies, sources familiar with the matter said.
This acquisition represents Consortium Brand Partners’ first major entry into the restaurant sector. The firm currently owns lifestyle brands such as Outdoor Voices, Jonathan Adler, and Draper James, founded by actress Reese Witherspoon. Eldridge Industries, known for investments in technology, sports, and consumer businesses, will operate CPK restaurants through its restaurant-focused division, Convive Brands, which also manages Le Pain Quotidien and The Little Beet.
California Pizza Kitchen was launched in 1985 in Beverly Hills and has grown to nearly 200 locations worldwide. Over the years, its brand value has become a major asset, especially through partnerships with Nestle for frozen pizzas and Litehouse for salad dressings. Analysts note that the brand recognition of California Pizza Kitchen often outweighs the physical restaurant network in terms of market value.
The restaurant chain filed for bankruptcy in July 2020 due to pandemic-related slowdowns and a heavy debt load inherited from its previous private equity owner. Since then, it has been owned by lenders until the current acquisition process. Investment bank Piper Sandler facilitated the sale of California Pizza Kitchen, although representatives from CPK, Consortium Brand Partners, and Eldridge declined to comment.
The move comes amid growing interest in the pizza sector from investors. Other notable deals in the market include investment activity around Papa John’s, potential sales of Pizza Hut by Yum Brands, and MTY Food Group exploring a sale of Papa Murphy’s. The acquisition of California Pizza Kitchen highlights a continued trend of consolidation and brand-focused investment in the restaurant industry.
With this acquisition, California Pizza Kitchen is expected to leverage the operational experience of Eldridge and Convive Brands while expanding its presence in both dine-in and retail channels. The deal underscores the continued strength and appeal of well-known food brands in the consumer market.
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