Consortium Brand Partners is getting into the food business.
The New York-based consumer brand investment platform that owns Draper James, Outdoor Voices and Jonathan Adler is part of a group that is acquiring California Pizza Kitchen.
The purchase price was not disclosed, but under the terms of the deal, Consortium is buying the business with Eldridge Industries, Aurify Brands and Convive Brands. Bain Capital Credit is supporting the deal with a debt and equity investment. It is expected to close later this month.
Convive Brands, an investment and operations platform of high-quality restaurant concepts, will direct global operations and serve as master franchisor for all CPK restaurants worldwide. Jon Weber, chief executive officer of Convive Brands, will serve as CEO of the CPK restaurant group, overseeing all restaurant operations globally.
CPK was founded in Beverly Hills in 1985 and now operates 120 restaurants in 10 countries. It also has a growing consumer packaged goods business selling frozen pizzas and other products in more than 10,000 grocery stores internationally. The company recently launched a pizza vending machine concept for airports, campuses and entertainment venues.
“California Pizza Kitchen is an iconic American brand that has inspired generations of fans through creativity, flavor and innovation,” said Jonathan Greller, president and cofounder of Consortium Brand Partners. “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.”
He said the acquisition serves to broaden Consortium’s portfolio beyond fashion and lifestyle brands into food and beverage. “We’re focused as a company on expanding into new categories,” he continued, adding Consortium is “category agnostic,” and is attracted to businesses it believes have growth potential.
California Pizza Kitchen offers more than just pizza.
Ken Carlson
CPK was founded in Beverly Hills in 1985 by attorneys Rick Rosenfield and Larry Flax. At one point, it was owned by PepsiCo, which rapidly expanded the business. After Pepsi sold its interest, it was owned by several private investment firms and filed bankruptcy in 2020 during the pandemic. It is currently owned by a group of its lenders.
Greller said that despite the company’s ups and downs over the years, he believes “there’s a lot of growth potential under this new group.” The initial plan will be to invest in the current fleet of stores and enhance operations while also expanding its consumer products offering.
“This is a brand people love,” he said.
“California Pizza Kitchen is a brand with a remarkable history and an even brighter future,” Weber said. “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.”
Consortium was created by Greller along with Cory Baker and Michael DiVirgilio, who had worked together at Marquee until 2021. They sought to create a business with a different structure than a licensing model where strategic and institutional investors are welcomed. Instead, Consortium employs a team of operators and retailers to build businesses not based solely on licensing revenue. It acquired Draper James in September 2023, Outdoor Voices in June 2024 and Jonathan Adler in January of this year.
Eldridge Industries invests in businesses across a spectrum of industries including technology, culture and lifestyle. Aurify Brands, which served as an adviser on the transaction, was founded in New York in 2005 and is focused on building, owning and expanding fast-casual restaurant concepts.
