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:
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.
