American restaurant chain, The Cheesecake Factory Incorporated is all set to acquire Fox Restaurant Concepts and the remaining interest in North Italia, to reinforce its position in experiential dining.
“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 CEO of The Cheesecake Factory Incorporated. “We realised 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 organisation.”
“In turn, we have decided to bring together North Italia and Fox Restaurant Concepts, including Flower Child, with The Cheesecake Factory to reinforce our leadership position in experiential dining. With the power of The Cheesecake Factory brand, infrastructure and growth potential, complemented by an additional growth vehicle in the North Italia concept and an incubation engine to develop concepts of the future, we believe we will be even better positioned to provide our guests with exceptional dining experiences, offer growth opportunities for our respective teams and maximise long-term value for our shareholders. We look forward to continuing to work with Sam to expand the businesses.”
Meanwhile, The Cheesecake Factory reported total revenues worth $602.6 million in the second quarter of fiscal 2019, compared to $587.3 million in the second quarter of fiscal 2018.
In the Middle East, Kuwait-based retail conglomerate MH Alshaya holds the franchise rights for The Cheesecake Factory.
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