NEW YORK ( TheStreet) -- California Pizza Kitchen ( CPKI) has agreed to sell itself to private-equity firm Golden Gate Capital for about $470 million, The Wall Street Journal reported.

The deal values California Pizza Kitchen at $18.50 a share. The stock was rising 1.1% in premarket trading Wednesday to $16.89.

The offer price is a premium of about 11% to California Pizza's closing price of $16.71 on Tuesday.

The pizza chain last spring hired an investment bank to explore a potential sale.

-- Written by Joseph Woelfel

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