To expand The Cheesecake Factory’s reach, the casual dining chain acquired all of Fox Restaurant Concepts, which includes North Italia and Flower Child. North Italia had a 20% expansion already planned before the acquisition.
Fox Restaurant Concepts will not be ‘Cheescake-ized’ in acquisition, according to CEO David Overton, but instead the $353 million deal allowed Sam Fox to focus on the smaller brands while The Cheesecake Factory works on growth.
The Cheesecake Factory began making small investments in both Flower Child and North Italia in 2016, completing its investment at the end of the second quarter in 2019.
Sam Fox, founder and CEO of Fox Restaurant Concepts, said, “This partnership will be the first of its kind for the restaurant industry. 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.”