Centerbridge Partners LP is exclusively negotiating to sell P.F. Chang's to fellow private equity firm TriArtisan Capital Advisors LLC for up to $700 million, Bloomberg News reported, citing people with knowledge of the matter.

TriArtisan, which invests in middle-market and larger capitalization companies, is in discussions with lenders over the potential deal's financing, one of the sources told the news outlet.

Bank of America Corp. and Barclays PLC reportedly were tapped by Centerbridge in June 2018 to evaluate a possible sale of P.F. Chang's. The Chinese food restaurant chain, which became a portfolio company of Centerbridge in 2012, has more than 210 restaurants in the U.S. and close to 100 locations abroad.

Representatives for Centerbridge, P.F. Chang's and TriArtisan did not respond to requests for comment, according to Bloomberg.