posted on: October 19, 2020
An additional $45 million will be due ratably over the next four years. FRC was founded by Sam Fox, a 10-time James Beard Award semifinalist for Restaurateur of the Year, New York Times best-selling cookbook author and recently named one of the 50 most influential people in the restaurant industry by Nation’s Restaurant News for the fifth consecutive year.
Following the completion of the transactions, North Italia’s operations will be located at The Cheesecake Factory Incorporated’s corporate headquarters in Calabasas Hills, California to help scale the concept nationally. Under the agreement, Cheesecake will own 100% of Fox Restaurant Concepts and its brands.
Fox Restaurant Concepts (FRC) was founded by Sam Fox, a 10-time James Beard Award semifinalist for Restaurateur of the Year, New York Times best-selling cookbook author and recently named one of the 50 most influential people in the restaurant industry by Nation’s Restaurant News for the fifth consecutive year.
North Italia turns a modern lens on Italian cooking in the upscale, casual-dining segment. And also, the Calabasas, Calif.-based casual-dining chain will grow the modern, Italian concept at an annual unit-rate growth of 20 percent. California-based Cheesecake Factory Inc. (Nasdaq: CAKE) will complete its acquisition of the North Italia eatery chain in 2019 and of Flower Child in 2021. Both concepts would run as independent restaurants, but would share a 10,949-square-foot L-shaped building and a 3,239-square-foot patio, according to artist renderings and building plans included in the proposal.
FORTUNE 100 Best Companies to Work For is a trademark of Fortune Media IP Limited and is used under license. He opened Wildflower in Tucson in 1998, and today has introduced dozens of ever-evolving Fox Restaurant Concepts brands, including Flower Child, Culinary Dropout, Blanco and The Henry. It is not yet known when construction is scheduled to begin nor when both restaurants are anticipated to open. About The Cheesecake Factory Incorporated.
The FRC transaction also includes an earn-out provision based on the financial performance of the FRC brands outside of North Italia and Flower Child. Upon closing, the transaction offers the sellers $308M before additional cash payments of $45 million made over the next four years.
David Overton and I quickly realized the magic occurring between our organizations while we worked through North Italia’s integration. These statements are based on current expectations and involve risks and uncertainties which may cause results to differ materially from those set forth in such statements.
It became evident that the combination of two of the most experiential and entrepreneurial restaurant companies could drive greater value as one organization.”, Overton 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.
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. Order online and bring home your favorites. You can sign up for additional alert options at any time. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements.
Choose from one of our Pasta Kits and cook something for the whole family to enjoy.
The acquisitions are expected to accelerate cash flow generation over time. investorrelations@thecheesecakefactory.com, Media
To learn more about the Company, visit www.thecheesecakefactory.com.
Flower Child features a health-focused menu with a variety of salads, bowls, and wraps made with organic ingredients. The Cheesecake Factory Incorporated is a leader in experiential dining.
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