cheesecake@berkcommunications.com, Source: The Cheesecake Factory Incorporated. And also, the Calabasas, Calif.-based casual-dining chain will grow the modern, Italian concept at an annual unit-rate growth of 20 percent. The Cheesecake Factory Incorporated About the publisher of this restaurant news site. To learn more, visit www.thecheesecakefactory.com, www.northitaliarestaurant.com and www.foxrc.com. But I am gonna try. By continuing to use this website, you accept our Cookie Policy and Privacy Policy. Still, Fox has a couple of other projects in the works. The concept currently has 21 locations in ten states and Washington D.C. North Italia’s operations will be located at The Cheesecake Factory Incorporated’s corporate headquarters in Calabasas Hills, California to help scale the concept nationally. It is not yet known when construction is scheduled to begin nor when both restaurants are anticipated to open. All dishes are handmade from scratch daily. All dishes are handmade from scratch daily. Marisa Carstens FRC was founded by Sam Fox, a 10-time James Beard Award semifinalist for Restaurateur of the Year, New York Times best-selling cookbook author and recently named one of the 50 most influential people in the restaurant industry by Nation’s Restaurant News for the fifth consecutive year. ©2019 Fortune Media IP Limited. The Company will acquire the remaining interest in the North Italia concept for approximately $130 million in cash, bringing total consideration to $174 million, including $44 million previously invested, equating to approximately 1.2x run-rate revenues. Our menu of pasta, pizza and Italian cuisine handmade from scratch. In 2019, we were named to the FORTUNE Magazine “100 Best Companies to Work For®” list for the sixth consecutive year. The Fox Restaurants team is a community of creative thinkers who help bring Sam’s concepts to life. [Related article: The Cheesecake Factory completes North Italia, FCR acquisitions], “…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,” said David Overton, The Cheesecake Factory chairman and chief executive. ©2019 Fortune Media IP Limited. All dishes are handmade from scratch daily. Group Dining and Private Events at North Italia. investorrelations@thecheesecakefactory.com, Media The Cheesecake Factory Incorporated created the upscale, casual-dining segment in 1978 with the introduction of its namesake concept. Post was not sent - check your email addresses! To us, nothing is quite as satisfying as sharing a dish of handmade pasta with your favorite people. Stacy Feit At the time, The Cheesecake Factory also invested $44M in Flower Child. Located in La Encantada, North Italia Tucson offers five event spaces for your special gatherings. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC, which are available at www.sec.gov. Construction on the multi-use development is expected to begin next summer, according to a news release. The Company previously invested $88 million in the North Italia and Flower Child concepts over the last three years in anticipation of their purchase. North Italia turns a modern lens on Italian cooking in the upscale, casual-dining segment. We are culinary forward and relentlessly focused on hospitality. As part of the transaction, Cheesecake Factory is purchasing the balance of North Italia for $130M in cash. In the fast-casual restaurant segment, the restaurant chain operates a better-for you dining concept. Forward-looking statements speak only as of the dates on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by law. What a great addition to the Arcadia neighborhood. GILBERT, AZ — When it was announced that Sam Fox's restaurant empire, Fox Restaurant Concepts, had been sold to The Cheesecake Factory over the summer, Fox teased in an interview that more restaurants were expected to open in the Phoenix area, specifically Gilbert. Let's go to North. FRC will operate as an independent subsidiary and continue to be led by Fox from FRC’s headquarters in Phoenix, Arizona. Click to share on Twitter (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on Tumblr (Opens in new window), Click to email this to a friend (Opens in new window), CPK Take and Bake Pizzas put chain in new category of pizza segment, BK Impossible Whopper nationwide rollout launches August 8, Cheesecake Factory Fox Restaurant Concepts, Cheesecake Factory Fox Restaurants Concept closing. COVID update: North Italia has updated their hours, takeout & delivery options. The hotel will be part of a $300 million multi-use project by RED Development that includes the new training facility for the Phoenix Suns and Phoenix Mercury, office space, restaurants and shops, a self-storage facility, and office space. The sale includes popular Phoenix-area spots like North Italia and Zinburger. And where. “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 Chief Executive Officer of The Cheesecake Factory Incorporated. and this will define your decor, ambience, and style of your restaurant establishment. The FRC transaction also includes an earn-out provision based on the financial performance of the FRC brands outside of North Italia and Flower Child. Reinforces leadership position in experiential dining. When you host an event or party at our Italian restaurant, you can treat your friends and family to a truly handcrafted experience. From FORTUNE. Fox Restaurant Concepts (FRC) was founded by Sam Fox, a 10-time James Beard Award semifinalist for Restaurateur of the Year, New York Times best-selling cookbook author and recently named one of the 50 most influential people in the restaurant industry by Nation’s Restaurant News for the fifth consecutive year. And also, the Calabasas, Calif.-based casual-dining chain will grow the modern, Italian concept at an annual unit-rate growth of 20 percent. This website uses cookies to ensure you get the best experience on our website. We are a Creative Culinary Community. Furthermore, North Italia’s support center will move to the headquarters of The Cheesecake Factory. View source version on businesswire.com: Let's go to North. When you host an event or party at North, you can treat your friends and family to a truly handcrafted experience. Details: Northwest corner of SanTan Village Parkway and Williams Field Road, Gilbert. Copyright 2019 Scripps Media, Inc. All rights reserved. Reinforces leadership position in experiential dining. today announced that it has closed the acquisitions of North Italia and Fox Restaurant Concepts (“FRC”), including Flower Child. Berk Communications “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…offer growth opportunities for our respective teams”. Italian cuisine handmade from scratch. Located in La Encantada, North Italia Tucson offers five event spaces for your special gatherings. David Overton and I quickly realized the magic occurring between our organizations while we worked through North Italia’s integration. The conference call will be webcast live on the Company’s website at, Visit The Cheesecake Factory on Pinterest, Visit The Cheesecake Factory on Instagram, Summary of Our Sustainability Code of Conduct, https://www.businesswire.com/news/home/20190731005820/en/, investorrelations@thecheesecakefactory.com. Find a North Italia Restaurant near you. 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.”. Choose from two event spaces at our Phoenix location for your occasion, and treat your loved ones to a truly handcrafted experience. ABC15 has reached out to spokespersons for Fox Restaurant Concepts and both restaurants, but no information was immediately available. We’re devoted to perfecting our menu of handmade pizza and fresh pasta dishes so you can share the same handcrafted experience with your friends and family. These statements include, without limitation, statements regarding the planned acquisitions of North Italia and FRC, reinforcing the Company’s leadership position in experiential dining, the potential of the parties’ relationship and greater value, 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, the ability to provide guests with exceptional dining experiences, offer growth opportunities for the Company’s and FRC’s teams and maximize long-term value for shareholders, business expansion and growth, infrastructure and capital to scale, the timing of closing of the transactions, locations and leadership of operations, expectations regarding the integration process, expectations regarding additional restaurant locations and run-rate revenues, significant long-term expansion opportunity, unit growth, revenue growth, sales growth, potential for meaningful unit growth drivers, significant scale and robust cash flow generation and a strong balance sheet, the combined company’s anticipated unique position to drive long-term profitable growth in today’s restaurant industry, cash flow generation, supply chain, real estate and additional synergies over time, expectations regarding revenue and earnings per share in fiscal 2020 and thereafter, acceleration of cash flow generation over time, plans to maintain a balanced capital allocation strategy, investing in new restaurants that are expected to meet the Company’s targeted returns, repaying borrowings under the Company’s credit facility and maintaining the dividend and share repurchase program. Flower Child makes it easy for health-conscious consumers to follow regimented diets, including Paleo and Keto, while eating out. An accompanying presentation related to the North Italia and FRC acquisitions can be downloaded from the Company’s website at investors.thecheesecakefactory.com.
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