Cheesecake Factory Claims $200M Investment from Roark Capital
Affiliates of Atlanta-based Roark Capital closed on a $200-million convertible preferred investment in Calabasas Hills, CA-based The Cheesecake Factory Incorporated.
Cheesecake Factory’s David Overton says, “This transaction not only meaningfully enhances our liquidity position to navigate the near-term COVID-19 landscape and get our affected staff members back to work as soon as practicable, but also importantly, solidifies our ability to manage the business for the long-term for all of our stakeholders once we emerge on the other side of this crisis.”
With the investment, the Board of Directors will be expanded from eight to nine members, and Roark’s president, Paul Ginsberg, will join the Cheesecake Factory’s Board of Directors as an independent member.
Ginsberg says, “We believe The Cheesecake Factory, North Italia and the FRC brands are uniquely positioned to maintain their leadership in experiential dining, and look forward to a partnership with the board and management team to drive long-term value for all shareholders.”
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