FSC Franchise Expands Portfolio: Acquires Newk's Eatery

Chris Elliott's journey from accounting graduate to restaurant mogul showcases just how unexpected the path to success in the hospitality industry can be.

Although he studied accounting, Elliott's affinity for people led him to manage Wendy's restaurants. Now, as CEO of FSC Franchise Co., Elliott manages a portfolio of hundreds of restaurants, including Beef 'O' Brady's, The Brass Tap and the recently acquired Newk's Eatery.

2023 was a record breaking year for FSC Franchise Co., with 10 new Brass Tap locations and one Beef 'O' Brady's opening. At the end of 2023, Beef 'O' Brady's grew to 135 locations and The Brass Tap grew to 45 locations.

Under Elliott's leadership, FSC Franchise Co. has reached significant milestones, surpassing $500 million in cumulative revenue and maintaining strong EBITDA margins. The strategic acquisition of Newk's not only diversifies the company's brand portfolio but also enhances its purchasing power.

Newk’s is a Southeastern fast-casual restaurant chain with 97 locations and makes a great addition to the FSC Franchise family.

"It's complementary to the other brands," Elliott told Business Observer. "Food quality, very high. A broad, loyal customer base."

FSC Franchise Co. operates 15% of its stores as corporate units, with the remaining locations being franchise owned. Elliot remains optimistic about the continued growth of the brands and the franchise industry in general.

"It's an industry people love," Elliott told Business Observer. "Honestly, my favorite thing to do is to go out and eat with friends."