Little change expected after Fox Restaurant Concepts buyout
PHOENIX — A change in ownership won’t change much for restaurants under Fox Restaurant Concepts like North Italia and Flower Child.
The Cheesecake Factory Inc. announced Wednesday it had bought the Valley-based restaurant chain for $308 million, as well as an additional $45 million to be paid out over the next four years. However, both companies agree this won’t change the recipes so many have come to know and love.
“No, there’s no menu changes,” Sam Fox, the mastermind behind FRC, told KTAR News 92.3FM Friday. “We are going to continue to innovate and have great, delicious foods at all the places. I don’t think you’re going to see any menu changes at all, outside the normal menu changes.”
He added that the rewards programs and gift cards will all continue to be honored and remain the same.
“It will be seamless,” Fox said. “The guests won’t even know the changes.”
The Cheesecake Factory President David Gordon said that they don’t want to mess with the magic but rather expand it.
“We think as one company we can work on the growth of the concepts,” Gordon said. “Our plan for the coming year is to grow North Italia at a 20 percent growth rate.”
There are currently 20 North Italia locations in 9 states and Washington D.C.
Fox said that the acquisition was a natural progression for the two companies.
“We’ve partnered together now for almost three years. This is a really unique transaction, just like all of our restaurants are unique and we’re excited for the future.”
Prior to the buyout, which will be finalized by the end of September, The Cheesecake Factory made minority investments in both North Italia and Flower Child in 2016.
Fox will remain a part of the company and continue to contribute to the expansions following the finalized buyout.