California Pizza Kitchen has signed a deal to be acquired by an investor group led by Consortium Brand Partners and including Todd Boehly’s investment firm Eldridge Industries, for under $300 million, according to sources familiar with the matter.

The investment represents an opening foray into the restaurant category for Consortium Brand Partners, which owns activewear brand Outdoor Voices, home decor company Jonathan Adler, and lifestyle brand Draper James, which was founded by actress Reese Witherspoon.

Investment bank Piper Sandler was running a sale process for California Pizza Kitchen, which had been owned by lenders following a July 2020 bankruptcy triggered by a pandemic slowdown and a heavy debt load from its previous private equity owner.

The sources spoke on condition of anon

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