California Pizza Kitchen Acquisition Completed.LOS ANGELES--(BUSINESS WIRE)--Oct. 1, 1997--A group of investors led by Bruckmann, Rosser, Sherrill, and Co. (BRS BRS - Big Red Switch. This abbreviation is fairly common on-line. ), an investment fund in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , has completed the purchase of PepsiCo's interest in California Pizza Kitchen California Pizza Kitchen (NASDAQ: CPKI, known within the food industry as CPK) is a casual dining restaurant chain that specializes in California-style pizza. The restaurant was started in 1985 by attorneys Rick Rosenfield and Larry Flax in Beverly Hills, California, (CPK CPK creatine kinase. CPK creatine phosphokinase. ). "BRS is pleased to announce the completion of this transaction," said Nick Valenti, president and chief executive officer of Restaurant Associates (RA). Valenti is also acting CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CPK during the transition. "CPK is one of the truly unique premium brands in our industry. The CPK concept is extremely viable, with strong customer loyalty and excellent growth opportunities." "PepsiCo's involvement over the past five years was very positive for the development of our brand," said Rick Rosenfield and Larry Flax, co-founders of CPK. "We now operate 80 restaurants in 20 states, including five locations featuring our new premium fast- service concept CPK ASAP (chat) asap - As soon as possible. ." Restaurant Associates, a $260 million restaurant company based in New York, is one of the investments of Bruckmann, Rosser, Sherrill. Restaurant Associates operates a variety of fine dining establishments in New York, as well as many premium contract food- service accounts across the country. CPK was founded in 1985 in Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , Calif. Flax and Rosenfield will serve as co-chairmen of the board of directors and will continue to be involved in the development of the business. "The experience that Restaurant Associates brings to the table is a terrific asset to CPK," said Rosenfield. We're looking forward to partnering with such a quality driven organization." "We are very pleased to be associated with Bruckmann, Rosser, and Sherrill," added Flax. "Their commitment to our growth will create the opportunity for even broader expansion of our brand." California Pizza Kitchen is prepared to restart an active growth campaign, and is in the process of signing several franchise development agreements both domestically and internationally. CPK also plans to open eight to 10 company stores in the United States in 1998. CPK recently opened successful new units in Paramus, N.J., and King of Prussia King of Prussia, industrialized suburban area (1990 pop. 18,406), Montgomery co., SE Pa. It has glass and steel fabricating, food processing, printing and publishing, and varied manufacturing (textiles, liquified petroleum gas, water-treatment and electrical , Pa., and introduced a new premium fast-service concept called CPK ASAP at several locations. California Pizza Kitchen is the leading premium pizza chain in the country, known for more than 25 varieties of innovative hearth-baked pizzas. CPK has 72 company and eight franchised units in 20 states. CONTACT: California Pizza Kitchen Inc., Los Angeles Sarah Goldsmith, 310/342-4656 |
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