Los Angeles-based California Pizza Kitchen, which has been exploring selling its business since February, was reportedly acquired by private equity firm Golden Gate Capital for approximately $470 million. The acquisition was successfully completed earlier this month.

California Pizza Kitchen reportedly accepted Golden Gate's offer of $18.50 per share. CPK Merger Sub Inc., a Golden Gate affiliate, reportedly acquired approximately 88 percent of shares tendered, or 21.6 shares of common stock.

Under the deal, CPK Merger Sub will merge with California Pizza Kitchen Inc. According to Nation's Restaurant News, it will operate as a wholly-owned subsidiary of CPK Holdings Inc.

California Pizza Kitchen opened in 1985 and specializes in casual pizza dining, as well as pastas and soups. It has 265 restaurants, 60 of which operate via franchise agreements. In addition to restaurants, California Pizza Kitchen sells frozen pizzas and other foods in grocery stores, and also sells premium pizzas in various locations in Southern California.

California Pizza Kitchen had announced the buyout in May. It had apparently been contemplating its financial future through various options. Under the deal, California Pizza Kitchen will no longer be traded on NASDAQ.

Golden Gate has acquired other restaurants, including On the Border Mexican Grill, as well as Romano's Macaroni Grill. The NRN reports they were acquired from Chili's parent company, Brinker International Inc.

Those aren't Golden Gate's only acquisitions. According to reports, it bought Lawson Software Inc. for approximately $2 billion in April. That company reportedly specializes in developing software for financial, human resources and other business areas.

Source: Nation's Restaurant News, "Golden Gate completes CPK acquisition," Lisa Jennings, 7 July 2011