Business
The Cheesecake Factory to Acquire Fox Restaurant Concepts and Remaining Interest in North Italia
Reinforces leadership position in experiential dining CALABASAS HILLS, Calif.--(BUSINESS WIRE)-- The Cheesecake Factory Incorporated (NASDAQ: CAKE) today
About this update from The Cheesecake Factory Incorporated
[{"type":"text","content":"\nReinforces leadership position in experiential dining \n\n CALABASAS HILLS, Calif.--(BUSINESS WIRE)--\nThe Cheesecake Factory Incorporated (NASDAQ: CAKE) today announced that it has entered into definitive agreements to acquire Fox Restaurant Concepts (“FRC”) and the remaining interest in North Italia, reinforcing its leadership position in experiential dining.\n\n\n“Since making our initial minority investments in North Italia and Flower Child in 2016, we have not only helped fuel the growth of both brands, but also developed a deep relationship with Sam Fox at Fox Restaurant Concepts,” said David Overton, Chairman and Chief Executive Officer of The Cheesecake Factory Incorporated. “We realized the true potential of this relationship as we worked through the integration process for our planned acquisition of North Italia. It became evident that the combination of two of the most experiential and entrepreneurial restaurant companies could drive greater value as one organization.”\n\n\nOverton continued, “In turn, we have decided to bring together North Italia and Fox Restaurant Concepts, including Flower Child, with The Cheesecake Factory to reinforce our leadership position in experiential dining. With the power of The Cheesecake Factory brand, infrastructure and growth potential, complemented by an additional growth vehicle in the North Italia concept and an incubation engine to develop concepts of the future, we believe we will be even better positioned to provide our guests with exceptional dining experiences, offer growth opportunities for our respective teams and maximize long-term value for our shareholders. We look forward to continuing to work with Sam to expand the businesses.”\n\n\nSam Fox, Founder and Chief Executive Officer of Fox Restaurant Concepts, said, “This partnership will be the first of its kind for the restaurant industry. David Overton and I quickly realized the magic occurring between our organizations while we worked through North Italia’s integration. With our aligned cultures and philosophies, The Cheesecake Factory is the right partner to embrace our creative spirit, enabling us to innovate concepts, while providing the infrastructure and capital to scale.”\n\n\nThe transactions will be completed for $308 million in cash at closing. An additional $45 million will be due ratably over the next four y...