California Pizza Kitchen Inc.’s (Nasdaq: CPKI) board authorized the review of financial and strategic alternatives for the Los Angeles-based company, which hired Moelis & Co. as its exclusive financial adviser during the process. The restaurant chain includes 205 company-owned restaurants, plus another 48 sites that are franchised or under a licensing deal. Options under consideration include a sale, a merger or another type of business combination. For the first quarter ended April 4, revenue at the company fell 2.7 percent to $156.7 million, down from $161.1 million a year earlier.
Polymer Group Inc.’s (OTCBB: POLGA) board is evaluating alternatives, such as a sale or merger of the company, and it has formed a special committee of independent directors to lead the process. The Charlotte, N.C.-based company has hired Blackstone Advisory Partners LP as a financial adviser. The special committee will also lean on Janney Montgomery Scott LLC for assistance during the process. The company makes materials used in baby diapers, hospital gowns, cleaning fabrics and other products. For the year ended Jan. 2, Polymer Group swung to net income of $16.2 million from a loss of $1.4 million reported a year earlier.
Anchor BanCorp Wisconsin Inc. (Nasdaq:ABCW) and Badger Anchor Holdings LLC mutually agreed to end a deal that gave Badger Holdings exclusivity to negotiate an investment in the savings and loan holding company. AnchorBancorp will continue to explore opportunities to address capital needs. Last June, it agreed to develop a plan to raise more capital and improve its asset quality as part of a cease-and-desist agreement with the Office of Thrift. The company hired Sandler O’Neill Partners LP as financial adviser to help evaluate its options. For the third quarter ended Dec. 31, Anchor Bancorp’s losses narrowed to $9 million from $72 million a year earlier.
Gateway Energy Corp.’s special committee hired Growth Capital Partners LP as a financial adviser to help with the exploration of strategic alternatives. The review will consider the sale of the Houston-based company or of a material portion of its assets. The company doesn’t intend to discuss the process further, unless its board approved a deal or option. Gateway Energy owns and operates natural gas gathering, transportation and distribution systems. For 2009, revenue fell to $6.7 million from about $13.9 million a year earlier. The decrease reflects lower demand and prices for natural gas.