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California Pizza Kitchen – The Celebrated American Food Chain with a Global Presence
California Pizza Kitchen is the trendsetter in glorifying the taste of Pizza in this US city along with New York and Chicago. It found its realms in 1985 in Beverly Hills out of sheer passion of Larry Flax and Rick Rosenfield, the former federal prosecutors. The exemplary success of this foodie venture prompted the founders to expand their branches in as many as 250 locations across 30 states in 11 countries all around the world. As of now, the thriving Pizza chain has already served 15 million pizzas to a staggering 43 million guests with the help of its 14,800 employees.
In 1992, CPK partnered with PEPSICO, a renowned soft drink brand, to enhance the business gains of the company. The brand invested $100 million to get 67% stake of CPK. However, the deal backfired as it saw opening up of chains in locations where people were hardly familiar with the restaurant. They were reluctant to pay extra amount for a pizza and hence preferred not to visit it again, leading to heavy losses.
In August 2000, after the Pepsico collaboration, the restaurant chain entered the stock market as a publicly traded business. It entered into NASDAQ National Market with CPKI as its ticker symbol, where it raised $72.5 million and paid off debts amount to approximately $40. However, the numbers decreases heavily later on, which led the handover of its control back to Rosenfield and Flax in 2003. Eventually, Golden Gate Capital purchased the company for around $470 million, resulting in its exit from the public market in 2011. As per ADVFN report available for the financial status of CPK in 2010, the restaurant chain generated revenue of $642.2 million, which was a welcome increase as compared to 2006 where it generated $554.6 million.
In August 2016, Moody’s Investors Service has revised the rating outlook of California Pizza Kitchen, Inc.’s (“CPK”) from stable to Positive. In addition, it has also affirmed CPK’s B3 Corporate Family Rating and B2 Rating, based on $30 million senior secured revolver, and senior secured term loan worth $359 (outstanding), both due for 2018.
How it originated?
Flax & Rosenfield, the two criminal defense lawyers have had a tough run while working for their own law firm. After years of stressful struggle, the two decided to switch over to restaurant business. They invested $250,000 earned from law practice, and $300,000 borrowed from friends to open the first branch of their restaurant in 1985 with the name of California Pizza Kitchen. By 1992, they got the support of 300 shareholders leading to revenues of $55 million.
Corporate social responsibilities
As a part of its corporate social responsibility, California Pizza Kitchen, the authority in creative dining collaborated with Make-A-Wish Foundation in 2015, where it allowed the guests to round up their bill to the closest dollar and donate the change. The campaign that started in August 2015 managed to raise around $250,000 till December 2015 itself, to save the young ones from life-threatening diseases. Besides, the restaurant chain hosts build-your-own-pizza events for kids, and in addition, the company has donated more than $1 million to non-profits through in-kind donations and fundraisers.
As of September 29, 2016, CPK boasts of around 300 restaurants spread in 16 countries worldwide, which serve the customers with scrumptious pizzas, along with pastas, salads, small plates, desserts, and more. Head quartered in Los Angeles, it invites budding international companies having full-service restaurant chains to avail the franchising opportunities at its end. Led by Mr. Gerard J. Hart, Executive Chairman, Chief Executive officer and President of CPK, the company is eyeing at expanding its branches all across the world including the US.
Consequently, it anticipates enthusiastic partners to help it grow its wings by availing the franchising opportunities available with it. In the US itself, it is inviting businesses to devote a space of 5,000-6000 sq.ft. to get hold of the franchise of this casual dining restaurant chain. Moving swiftly with its motive, the company has launched first restaurant in Australia recently in September 2016. The 370-seat and 9,500 sq.ft. restaurant is located in Perth, at Hillarys Boat Harbour
In addition, in its bid to enthrall new customers and rake in more moolah, California Pizza Kitchen announced its new “Next Chapter” menu various in various US locations, in October 2016. The menu focuses on superior quality, seasonal and fresh ingredients, and inventive main plates among other priorities. G.J. Hart, CEO of California Pizza Kitchen said, “With our ‘Next Chapter’ transformation, we’re introducing an incredible menu that showcases the best of our culinary creativity with exciting options in main dishes, like a fire-grilled ribeye and wild-caught Alaskan halibut, hand-tossed pizzas, craft cocktails and more”.
Thinking to invest?
Investing in this property could prove to be beneficial in the long run since it has been expanding its business far and wide. To buy its property, you may have to expend somewhere in between $2M to $5M. We at Triplenet Investment Group could help you close a lucrative deal in this context.
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