TUCSON, Ariz. — Arizona-based Fox Restaurant Concepts has been acquired by the Cheesecake Factory in a deal worth $353 million.
The two companies expect the deal to close during the third quarter, the two said in a statement.
Sam Fox, Founder and Chief Executive Officer 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.”
“We realized 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 organization,” said Chairman and Chief Executive Officer of the Cheesecake Factory Incorporated.
Tucson is home to multiple Fox Restaurants, including Blanco Tacos and Tequila, North Italia, Zinburger and Culinary Dropout.