CALABASAS HILLS, Calif.–(BUSINESS WIRE)–The Cheesecake Manufacturing facility Included (NASDAQ: CAKE) in the present day introduced that it has closed on a $200 million convertible most popular funding from associates of Roark Capital.
“We’re happy to have discovered a high-quality associate in Roark, who we’re assured will add vital worth to The Cheesecake Manufacturing facility Included,” stated David Overton, Chairman and Chief Govt Officer. “This transaction not solely meaningfully enhances our liquidity place to navigate the near-term COVID-19 panorama and get our affected employees members again to work as quickly as practicable, but in addition importantly, solidifies our skill to handle the enterprise for the long-term for all of our stakeholders as soon as we emerge on the opposite facet of this disaster. Furthermore, Roark’s funding underscores the power of our manufacturers, market positioning and long-term development prospects.”
Neal Aronson, Founder and Managing Accomplice of Roark stated, “We have now lengthy admired The Cheesecake Manufacturing facility and the tradition that David and his group have constructed.” In reference to this funding, the Board of Administrators might be expanded from eight to 9 members and Paul Ginsberg, President of Roark, will be part of the Firm’s Board of Administrators as an impartial member. Ginsberg stated, “We imagine The Cheesecake Manufacturing facility, North Italia and the FRC manufacturers are uniquely positioned to take care of their management in experiential eating and stay up for a partnership with the board and administration group to drive long-term worth for all shareholders.”
Wells Fargo Securities, LLC and J.P. Morgan Securities LLC served as monetary advisors and Latham & Watkins LLP served as authorized advisor to The Cheesecake Manufacturing facility Included on this transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as authorized advisor to Roark.
About The Cheesecake Manufacturing facility Included
The Cheesecake Manufacturing facility Included is a pacesetter in experiential eating. We’re culinary ahead and relentlessly centered on hospitality. Scrumptious, memorable experiences created by passionate folks – this defines who we’re and the place we’re going. We presently personal and function 294 eating places all through america and Canada underneath manufacturers together with The Cheesecake Manufacturing facility®, North Italia® and a group inside the Fox Restaurant Ideas subsidiary. Internationally, 26 The Cheesecake Manufacturing facility® eating places function underneath licensing agreements. Our bakery division operates two amenities that produce high quality cheesecakes and different baked merchandise for our eating places, worldwide licensees and third-party bakery prospects. In 2020, we had been named to the FORTUNE Journal “100 Greatest Corporations to Work For®” listing for the seventh consecutive yr. To study extra, go to www.thecheesecakefactory.com, www.northitalia.com and www.foxrc.com.
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Roark focuses on investing within the shopper and enterprise companies sectors, with a specialization in franchised and multi-unit companies. Since inception, associates of Roark have invested in 76 franchise/multi-unit manufacturers, which collectively generate $41 billion in annual system revenues from 39,000 places in 50 states and 81 international locations. Please go to www.roarkcapital.com to study extra.
Protected Harbor Assertion
This press launch comprises forward-looking statements inside the which means of the Non-public Securities Litigation Reform Act of 1995, as codified in Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended. These statements embody, with out limitation, statements relating to the Firm’s future efficiency and partnership with Roark Capital. Such forward-looking statements embody all different statements that aren’t historic info, in addition to statements which might be preceded by, adopted by or that embody phrases or phrases reminiscent of “imagine,” “plan,” “will possible outcome,” “anticipate,” “intend,” “will proceed,” “is anticipated,” “estimate,” “undertaking,” “might,” “might,” “would,” “ought to” and comparable expressions. These statements are based mostly on present expectations and contain dangers and uncertainties which can trigger outcomes to vary materially from these set forth in such statements. Traders are cautioned that forward-looking statements usually are not ensures of future efficiency and that undue reliance shouldn’t be positioned on such statements. These forward-looking statements could also be affected by varied elements together with: the quickly evolving nature of the COVID-19 outbreak and associated containment measures, together with the potential for an entire shutdown of the Firm’s eating places, worldwide licensee eating places and the Firm’s bakery operations; financial, public well being and political circumstances that influence shopper confidence and spending, together with the influence of COVID-19 and different well being epidemics or pandemics on the worldwide financial system; acceptance and success of The Cheesecake Manufacturing facility in worldwide markets; acceptance and success of North Italia and the Fox Restaurant Ideas eating places; the dangers of doing enterprise overseas via Firm-owned eating places and/or licensees; international trade charges, tariffs and cross border taxation; modifications in unemployment charges; modifications in legal guidelines impacting the Firm’s enterprise, together with will increase in minimal wages and profit prices; the financial well being of the Firm’s landlords and different tenants in retail facilities wherein its eating places are positioned; the financial well being of suppliers, licensees, distributors and different third events offering items or companies to the Firm; opposed climate circumstances in areas wherein the Firm’s eating places are positioned; elements which might be underneath the management of presidency companies, landlords and different third events; the danger, prices and uncertainties related to opening new eating places; and different dangers and uncertainties detailed once in a while within the Firm’s filings with the Securities and Trade Fee (“SEC”). Ahead-looking statements communicate solely as of the dates on which they’re made and the Firm undertakes no obligation to publicly replace or revise any forward-looking statements or to make some other forward-looking statements, whether or not because of new data, future occasions or in any other case, except required to take action by regulation. Traders are referred to the complete dialogue of dangers and uncertainties related to forward-looking statements and the dialogue of danger elements contained within the Firm’s newest Annual Report on Kind 10-Okay, Quarterly Reviews on Kind 10-Q and Present Reviews on Kind 8-Okay as filed with the SEC, which can be found at www.sec.gov.
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