The Cheesecake Factory Incorporated announced that it has entered into a strategic relationship with Fox Restaurant Concepts LLC with respect to two of its brands, North Italia and Flower Child. Under the terms of the agreements, the company is making an initial minority equity investment and will provide ongoing growth capital for the concepts. FRC will continue to manage the day-to-day operations of North Italia and Flower Child. The agreements allow for the company to potentially acquire a future majority or full ownership position in either or both concepts.
“As an entrepreneurial leader known in our industry for his vision and execution, we are pleased to partner with Sam Fox to support the growth of these two highly differentiated concepts,” says David Overton, chairman and chief executive officer of The Cheesecake Factory Incorporated. “We share a similar culture and philosophy, making this is a good strategic fit for both companies.”
“North Italia and Flower Child are such exciting brands within our family,” says Sam Fox, Fox Restaurants Concepts founder. “After spending a good amount of time with David and his team, it became very clear to me that we share the same values in terms of our commitment to delivering amazing food and hospitality to our guests, while also recognizing that our team members are our greatest asset.”
Established in 2002 with nine locations in five states currently, North Italia turns a modern lens on Italian cooking in the upscale, full-service, casual dining segment. All dishes are handmade from scratch daily. Established in 2014 with five locations in three states currently, Flower Child offers a customizable menu featuring locally sourced, all natural and organic ingredients in salads, build-your-own plates, bowls and wraps, all made fresh from scratch daily in a fast casual setting.
The transactions are not expected to have a material impact on the financial condition of The Cheesecake Factory Incorporated for the foreseeable future.
Fox Restaurant Concepts is a growing restaurant group encompassing 16 unique concepts and 53 restaurants spanning eight states with more than 4,000 employees. Each restaurant is designed to provide guests with a remarkable dining experience that will leave a lasting impression. Varying from trend-setting upscale to better casual and walk-up retail, Fox Restaurant Concepts is dedicated to creating fresh and innovative cuisine, and offers gracious service in stylish and comfortable settings.
