Photo: The Newk’s Eatery location at Goodman and Getwell Road in Southaven. (Bob Bakken/desotocountynews.com)
An eatery with locations in DeSoto County that was founded in Oxford nearly 20 years ago has been sold to the parent company that owns Beef O’Brady’s and The Brass Tap chains.
Newk’s Eatery, according to Restaurant Business, was “quietly added” by the Tampa, Florida-based FSC Franchise Company during the fourth quarter, according to a press release.
Newk’s Eatery originated in 2004 in Oxford and is one of the largest fast-casual eateries in the Southeast.
No purchase price was announced. The Restaurant Business article quoted a release that buried the purchase news inside information about the company’s expansion plans for the coming year.
“We’ve been looking to add something to our platform for several years, and we think that Newk’s is the perfect complementary brand,” said Chris Elliot, the CEO of FSC said in the release. “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.”
There are about 100 Newk’s locations in 13 states.
Franchisees of Beef ‘O’ Brady’s and Brass Tap are expected to operate Newk’s locations, and vice-versa, as the company plans for all three restaurant brands to see growth in 2024. The release added that FSC is targeting 10-15 new Newk’s locations this next calendar year.
The article also quoted a spokeswoman for FSC who said the quiet announcement was done intentionally and with the agreement of all three parties. It did not mention further information about when the sale was made, terms of the agreement, etc.
There are 143 Beef ‘O’ Brady’s locations across 21 states while Brass Tap has 40 locations in 16 states.
Founded in 2004 by the same businessmen brothers who started McAlister’s Deli, Newk’s Eatery was sold in 2014 to a private equity firm. Headquarters have remained in Jackson.