California Pizza Kitchen is set to be acquired by a new ownership group.
The brand will be taken over by investment platform Consortium Brand Partners, along with Eldridge Industries, Aurify Brands, and Convive Brands.
The transaction is scheduled to close this month.
The news was first reported by Reuters in late November, which said the deal was valued at just under $300 million.
Convive Brands—which is part of the Eldridge Industries portfolio and directly operates Little Beet and Le Pain Quotidien—will be responsible for CPK’s global operations and serve as the chain’s master franchisor worldwide.
Convive Brands CEO Jon Weber will serve in the same role for the pizza chain.
“California Pizza Kitchen is a brand with a remarkable history and an even brighter future,” Weber said in a statement. “As we look to realize its exceptional potential, our focus remains on honoring CPK’s legacy, empowering the teams who drive its success every day, and welcoming the next generation of guests to experience the flavors and hospitality that will continue to set it apart.”
CPK will enter the new group with over 120 restaurants in 10 countries, along with a frozen pizza business and other retail products in more than 10,000 grocery stores and a recently launched pizza vending machine concept made for airports, college campuses, and entertainment venues.
Building off of positive same-store sales in 2025, Convive Brands plans to accelerate CPK’s domestic and international franchising strategy and push the brand into new product categories.
Franchising has been a priority for CPK in recent years. In late 2024, CPK reached its first domestic agreement with Sundine LLC, which at the time operated more than 85 restaurants across chains like Jack in the Box and Del Taco. The group acquired three CPK locations in Las Vegas and planned to open six more stores across Nevada and Utah.
The agreement marks Consortium Brand Partners’ first investment in the food, beverage, and hospitality segments. The firm has also put capital into consumer brands Jonathan Adler, Draper James, and Outdoor Voices.
“California Pizza Kitchen is an iconic American brand that has inspired generations of fans through creativity, flavor, and innovation,” Jonathan Greller, president and cofounder of Consortium Brand Partners, said in a statement. “We are thrilled to partner with Eldridge Industries, Aurify Brands, and Convive Brands 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.”
Aurify Brands, a platform that franchises Wingstop, Five Guys, and Le Pain Quotidien and also has investments in the tech, CPG, and ecommerce spaces, served as an advisor on the deal. Bain Capital Credit is supporting the acquisition with a debt and equity investment. Reed Smith LLP served as legal counsel to Eldridge Industries and Convive Brands.
The transaction marks a new era for CPK, which declared bankruptcy more than five years ago during the COVID pandemic. The company entered a restructuring agreement with its senior lenders to reduce debt. Before the filing, the company was owned by private equity firm Golden Gate Capital.
Founded in 1985, CPK is celebrating its 40th anniversary this year.
