Private equity firm TriArtisan Capital Advisors is in talks with Centerbridge Partners to acquire P.F. Chang’s for $700 million, according to a Bloomberg report.

Centerbridge acquired the Asian chain in 2012 along with fast casual Pei Wei in a deal valued at $1.1 billion. The firm recently completed P.F. Chang’s operational split from Pei Wei, placing two separate teams in charge of the chains and making them independently operated businesses.

Talks of a sale came to light in July 2018 to help the chain deal with a debt burden of about $680 million. At that time, Centerbridge, along with Board of Managers of Wok Parent LLC retained BofA Merrill Lynch and Barclays to explore a potential sale.

P.F. Chang’s currently has 220 U.S. locations and about 90 franchises globally.

Seven months later, Bloomberg reports TriArtisan “is talking with lenders about financing a potential deal for P.F. Chang’s.” However, no final decision has been made by either company. Neither Centerbridge, TriArtisan or P.F. Chang’s have commented on the possible acquisition yet.

According to Bloomberg, New-York based TriArtisan was formed in 2016 is the successor to TriArtisan Capital Partners. In 2014, TriArtisan Capital Partners partnered with Sentinel to acquire TGI Friday’s.

When talks of a sale first surfaced, restaurants were reportedly generating average-unit volumes of $4.1 million. P.F. Chang’s said earlier in 2018 that it planned to open six to eight restaurants in the U.S., and an additional 12–15 restaurants globally during the year.

Before the 2012 sale to Centerbridge, P.F. Chang’s reported a 42 percent drop in first-quarter profit to $6.3 million, Revenue was $318.9 million as guest counts sagged. The brand was “fighting to recover from ill-timed price increases,” Reuters reported at the time.

P.F. Chang’s was founded in 1993 by Paul Fleming and the Chef Philip Chiang.