The Fast Casual Asian Restaurant That Used To Be Owned By P.F. Chang's

The roots of American-Chinese cuisine go far back, first established in mid-19th century California. Yet while the origins of crab rangoon and chop suey trace back decades, the advent of upscale Chinese food in the U.S. is a much more modern phenomenon. In large part, the nationwide success of such elevated fare can be owed to influential chain P.F. Chang's, which first opened in 1993.

The partnership of chef Philip Chiang and restaurateur Paul Fleming (who lends the PF in the name) cracked a formula with mass-market appeal, serving accessible fare in spiffy environs. P.F. Chang's rapidly achieved economic success, which led to the eventual launch of spin-off Pei Wei in 2000, first opened in Scottsdale, Arizona. The aim was to combat rising labor and operating costs and sell streamlined Asian dishes at a lower price. Especially with upcoming 21st century economic struggles, the tactical approach paid off — Pei Wei grew to over 160 restaurants by 2010.

Today, Pei Wei is a reliable option among numerous fast casual offerings. Yet in the first years after its launch, it buzzed as a trendy concept, delighting diners with pan-Asian classics ranging from pad thai to coconut curry shrimp. Pei Wei proved a trusty economic backbone to P.F. Chang's during the tumultuous 2010s period, before later business restructuring separated the two brands.

Both Pei Wei and P.F. Chang's continued to find commercial success into the 2010s. In 2012, the businesses sold to private equity firm Centerbridge Partners for an astounding $1.1 billion, landing among the biggest restaurant buyouts at the time. Conjunct operation continued for five more years, until Pei Wei parted from P.F. Chang's in 2017 and transferred its headquarters from Scottsdale to Irving, a Dallas-Fort Worth suburb.

The move arose from a combination of factors. For one, the city of Irving offered appealing economic incentives, the area granted a newfound labor force, and Pei Wei operated many outlets in the region. The central geographic position also eased nationwide restaurant management by way of time zone alignment and transportation connections. Especially critically, the distancing from P.F. Chang's was intentional; the two businesses had already been diverging in leadership under Centerbridge Partners.

Two years later, PWD Acquisition — which also operates Panda Express — bought Pei Wei. Today, Pei Wei continues to grow under such management, pivoting further into the fast casual rather than fast food niche. The restaurant is rolling out convenient mobile apps and new menu items — it's now a decades-old concept that continues to change with the times.