By Brandon Brown | Phoenix Business Journal
The Cheesecake Factory Inc. (Nasdaq: CAKE) announced Wednesday it agreed to purchase Phoenix-based Fox Restaurant Concepts for $308 million.
Since 2016, the Cheesecake Factory has been in a years-long process to slowly acquire two of FRC’s concepts, North Italia and Flower Child, but the Southern California-based company has now decided to purchase all of Sam Fox’s growing restaurant empire.
Following the close of the transaction, FRC will operate as a wholly owned subsidiary, keeping its headquarters in Phoenix. Fox will continue to lead the company.
The operations of North Italia, Fox’s pizza and pasta concept, and Flower Child, which focuses on healthy food, will relocate to Cheesecake Factory’s headquarters in Calabasas Hills, California, where the restaurant brands will be scaled nationally.
