Arizona-based Fox Restaurant Concepts to be bought by The Cheesecake Factory
FRC operates Blanco, North, Zinburger, Culinary Dropout and Wildflower in Tucson area
TUCSON, Ariz. (KOLD News 13) - Several popular restaurants in the Tucson area are changing hands.
On Wednesday, July 31, The Cheesecake Factory announced it will pay more than $300 million for Phoenix-based Fox Restaurant Concepts.
FRC operates Blanco, North Italia, Zinburger, Culinary Dropout and Wildflower in southern Arizona. The company’s other restaurants include The Arrogant Butcher, Olive & Ivy, The Green House, The Henry, Flower Child, Dough Bird and FRC Group Dining.
FRC will continue to be led by founder and Chief Executive Officer Sam Fox from the company’s headquarters in Phoenix. FRC operates 45 restaurants across seven states and Washington D.C.
According to The Cheesecake Factory, it will pay $308 million at the close of the deal and $45 million more over the next four years.
The Cheesecake Factory and FRC have been in business together for the last three years as The Cheesecake Factory invested $88 million in North Italia and Flower Child concepts.
“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.”
After the deal, North Italia’s operations will move to California as the company continues to "help scale the concept nationally."
“This partnership will be the first of its kind for the restaurant industry,” Fox said. "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.”
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