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The agreement provides for a $10 million loan to develop True Food Kitchen restaurants and can, under certain conditions, be converted by P.F. Chang's into a majority equity position in True Food Kitchen.
"We have admired the work of Sam Fox and his team for quite some time," said Bert Vivian, Co-CEO of P.F. Chang's China Bistro, Inc. "We are pleased to be able to provide capital for the growth of their newest creation."
Specific terms of the agreement were not disclosed, as the transaction will not have a material impact on the financial condition or prospects of P.F. Chang's China Bistro, Inc. for the foreseeable future.
True Food Kitchen, located in Phoenix, Ariz., is a new eatery developed in partnership with Fox Restaurant Concepts and best-selling author Dr. Andrew Weil. Under the guidance of Chef Michael Stebner, True Food Kitchen offers a globally inspired, seasonal menu appealing to anyone seeking a more balanced lifestyle.
Fox Restaurant Concepts is a collection of original, thriving boutique restaurants in Arizona, Colorado, Kansas and Texas. Founder Sam Fox ignited the restaurant scene with a single restaurant, Wildflower, in 1998 in his hometown of Tucson, Ariz. Today, the restaurateur heads a dynamic, growing restaurant group encompassing 11 concepts across 27 restaurants, with more than 1,300 employees.
P.F. Chang's China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche. P.F. Chang's China Bistro features a blend of traditional Chinese cuisine and American hospitality in a contemporary bistro setting. Pei Wei Asian Diner offers a modest menu of freshly prepared Asian cuisine in a relaxed, warm environment offering attentive counter service and take-out flexibility.
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