Beef O’Brady’s and Brass Tap parent company acquires Newk’s Eatery
FSC Franchise Co., the Tampa, Fla.-based parent company of Beef O’Brady’s and The Brass Tap, has acquired the 100+-unit fast-casual concept, Newk’s Eatery, the company quietly announced in a press release about FSC’s 2023 development wrap-up.
According to FSC Franchise Co. CEO Chris Elliot, Newk’s Eatery — which was acquired for an undisclosed amount — the three companies “have great synergy” and there will be ample opportunity for franchisees to become multi-concept operators within the company.
“We’ve been looking to add something to our platform for several years, and we think that Newk’s is the perfect complementary brand,” Elliot said. “It’s fast casual with average unit volumes of $2.2 million, and it has the same geographical footprints across the Southeast that we currently have, so we’re ecstatic about that partnership.”
Elliot added that the acquisition was part of a larger expansion strategy for FSC Franchise Co. and that 2023 was a “record year of new deals” for the company, with 10 Brass Tap openings, and one Beef O’Brady’s opening. The company has plans to open another 23 Brass Tap and Beef O’Brady’s stores in 2024, alongside 10-15 new Newk’s locations annually.
“Our restaurant turnover has improved significantly, and the corporate offices are very stable in terms of team members,” Elliot said in a statement. “We take a lot of pride in not having a lot of ‘churn and burn,’ and we’re really excited about the future of these brands with the team we have on board.”
Newk’s Eatery did not comment on the acquisition in time for publication.