CPK Buys Rest of LA Food Show
California Pizza Kitchen Inc. said Monday that it paid $6 million in cash for the 75% of LA Food Show Inc. it didn’t already own.
LA Food Show operates one restaurant, LA Food Show Grill & Bar in Manhattan Beach. The restaurant was created in 2003 by California Pizza Kitchen’s co-chief executives and founders, Rick Rosenfield and Larry Flax.
Los Angeles-based California Pizza Kitchen paid $2 million for a 25% stake in LA Food Show in March 2003, when Rosenfield and Flax invested $1 million each for their 75% stake.
LA Food Show describes itself as an “upscale, family casual” restaurant.
CPK has 176 of its signature restaurants nationwide.
Charles G. Phillips, California Pizza Kitchen’s lead independent director, said LA Food Show “provides a second growth concept” for the firm. The Manhattan Beach restaurant also has been a development center for new menu ideas, Phillips said.
California Pizza Kitchen shares rose 26 cents to $24.57 on Nasdaq on Monday before the deal was announced.
