American restaurant company The Cheesecake Factory, Inc. entered a definitive agreement to acquire Fox Restaurant Concepts, which recently celebrated 20 years in Tucson.
According to a press release issued on Wednesday, FRC will operate as “a wholly-owned subsidiary.”
“This partnership will be the first of its kind for the restaurant industry,” FRC founder Sam Fox said in the release. “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.”
The transactions will complete for $308 million in cash upon closing, Business Wire reported. Additionally, an additional $45 million will be due ratably over the next four years.
Fox Restaurant Concepts brands in Tucson include:
- Blanco Tacos + Tequila
- Culinary Dropout
- North Italia
- Wildflower
- Zinburger
In 2015, FRC sold its Sauce Pizza & Wine brand.
For more information, read the Business Wire article The Cheesecake Factory to Acquire Fox Restaurant Concepts and Remaining Interest in North Italia.
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Article written by:
Jackie Tran
More about JackieJackie Tran is a Tucson-based food writer, photographer, culinary educator, and owner-chef of the now-closed food truck Tran’s Fats. Although he is best known locally for his work for Tucson Foodie, his work has also appeared in publications such as Bon Appétit, National Geographic, and the New York Times.
An adventurous foodie, he enjoys culinary experiences ranging from seasonal omakase to sloppily devouring green chili patty melts in his car afterhours. His favorite foods include aguachile, garlic noodles, and leftover fried chicken illuminated by the fridge light. His favorite drinks include morning micheladas, fireside imperial stouts, candle-lit negroni, and grassy mezcales.
Outside of food, he also loves playing musical instruments, karaoke, Tetris, Super Smash Bros. Melee, and petting Addie’s dog Spaghetti.
If you’d like to stalk him, visit his Instagram @jackie_tran_ or jackietran.com.
