California Pizza Kitchen is slated to get a new owner that plans to expand the chain around the world and have it enter new product categories.
Consortium Brand Partners — along with Eldridge Industries, Aurify Brands and Convive Brands — on Tuesday said the investor group had entered into a definitive agreement to acquire Costa Mesa, California-based California Pizza Kitchen, also known as CPK.
Terms of the deal, expected to close this month, weren’t disclosed.
After the transaction is completed, New York-based Convive Brands will serve as global operator and master franchisor of the casual-dining restaurant chain worldwide.
Full-service restaurant chain CPK has had a rough go of it. The chain emerged from bankruptcy in 2020 after filing for Chapter 11 protection earlier that year amid the pandemic when restaurants were forced to close their dining rooms. Four years ago, it launched a push into domestic franchising rather than ownership to expand its brick-and-mortar presence from the 200 restaurants it had then, but it has about 80 fewer locations now.
With pressure on consumer spending, the dining arena has become especially dynamic and competitive, with even fast-food chains being squeezed. Casual full-service restaurants such as Chili’s and Olive Garden are offering bargain dishes to narrow the gap between their prices and fast-food eateries to draw in customers. CPK has not taken that tack yet.
A new era of growth
CPK, under the new ownership and Convive Brands’ operational leadership, is “poised for a new era of growth, leveraging its strong brand equity, global recognition, and recent operating momentum,” Consortium Brand said in a statement.
“The partnership will build on CPK’s recent success — including same-store sales growth in 2025 that outpaced the broader industry — by accelerating domestic and international franchise expansion, extending the CPK brand into new product categories, and enhancing its presence across both restaurants and retail through strategic initiatives,” Consortium Brand said.
The chain has an international footprint that includes more than 120 restaurants in 10 countries, as well as a quickly growing consumer-packaged-goods business featuring frozen pizzas and other products available in more than 10,000 grocery stores.
CPK also recently launched and piloted a pizza-vending machine concept, bringing triple-heated freshly baked pizzas to airports, campuses and entertainment venues, according to Consortium Brand.
The chain “is an iconic American brand,” according to Jonathan Greller, president and co-founder of Consortium Brand.
A fourth acquisition
The new ownership plans to build on CPK’s “rich heritage by expanding its global restaurant footprint, growing its grocery presence, and exploring new product categories that celebrate California creativity and flavor,” Greller said in a statement.
CPK, founded in 1985 in Beverly Hills, began by offering customers a menu with a Californian spin on pizza — like its Thai chicken and “BBQ chicken” offerings — and salads.
Consortium Brand is an investment firm that’s been making a series of acquisitions since 2023, with CPK marking its fourth one. The previous three are Jonathan Adler, Draper James — a Southern-inspired lifestyle brand launched by actress Reese Witherspoon that offers apparel and home goods at its own stores and other retailers — and Outdoor Voices.
The planned CPK purchase further diversifies Consortium Brand’s portfolio, “expanding its reach into the food, beverage, and hospitality sectors,” according to the company.
Jon Weber, CEO of Convive Brands, will serve as CEO of the CPK restaurant group, overseeing all restaurant operations globally.
“California Pizza Kitchen is a brand with a remarkable history and an even brighter future,” Weber said in a statement.
For the record
Aurify Brands served as an adviser on the transaction. Winston & Strawn acted as legal counsel to Consortium Brand Partners. Reed Smith served as legal counsel to Eldridge Industries and Convive Brands. Bain Capital Credit is supporting the acquisition with a debt and equity investment.