First Watch Restaurant completes acquisition of franchise-owned sites for $75M

First Watch Restaurant Group announced the completion of its previously-announced acquisition of 21 of its franchise-owned restaurants and corresponding development rights in North Carolina for an aggregate purchase price of $75 M on a cash-free, debt-free basis. “This acquisition, which represents our largest First Watch franchise acquisition to date, is an important part of our long-term growth and value creation strategy,” said Chris Tomasso, First Watch CEO & President. “These 21 restaurants are expected to generate average unit volumes and restaurant level operating profit margins in line with our Company-owned restaurants, and the associated development rights represent white space in this key market area for us to grow organically for years to come. Further, this acquisition fortifies our organization and strengthens our ranks as we welcome more than 600 new employees into our corporate-owned system and You First culture-a responsibility that’s very important to us…First Watch has acquired 44 total franchised restaurants in 17 DMAs across six acquisitions since May 2023.