First Watch Restaurant Group, Inc. recently completed its acquisition of 21 franchise-owned restaurants in North Carolina, marking the largest franchise acquisition in the company’s history. The $75 million purchase includes the restaurants and development rights, contributing to First Watch’s long-term growth strategy. These acquisitions are set to align with the company’s current unit volumes and profit margins, while providing opportunities for organic growth in key market areas.
Since May 2023, First Watch has acquired a total of 44 franchised restaurants in 17 DMAs, showcasing the company’s commitment to expansion and value creation. As part of the acquisition, over 600 employees will join First Watch’s corporate-owned system, embodying the company’s You First culture.
First Watch is a Daytime Dining concept recognized for its award-winning breakfast, brunch, and lunch offerings made from fresh ingredients. With over 520 restaurants in 29 states, First Watch has become a top brand in the U.S. In addition to its chef-driven menu, First Watch has received accolades for its innovative dishes like the Quinoa Power Bowl®, Avocado Toast, and Million Dollar Bacon. The company has also been recognized for its workplace culture and menu offerings by various industry organizations.
Moving forward, First Watch continues to focus on providing a unique dining experience for its customers while expanding its footprint across the country. By acquiring franchise-owned restaurants and development rights, the company solidifies its position in the market and sets the stage for future growth opportunities.
For more information about First Watch and its menu offerings, visit http://www.firstwatch.com. Stay updated on the company’s financial performance and operational updates through its SEC filings available on the SEC’s website and the Investor Relations section of the company’s website.
For investor inquiries, contact Steven L. Marotta at 941-500-1918 or investors@firstwatch.com. Media inquiries can be directed to Jenni Glester at 407-864-5823 or jglester@firstwatch.com. A photo related to this announcement is available on the Globe Newswire website.
As First Watch continues to expand its presence in the dining industry, customers can expect the same quality, fresh ingredients, and innovative dishes that have made the brand a favorite among breakfast and brunch enthusiasts nationwide.
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