FWRG - First Watch Announces Acquisition of Six Franchise Restaurants in Florida | Benzinga
BRADENTON, Fla., Nov. 13, 2023 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ:FWRG) ("First Watch" or the "Company"), the leading Daytime Dining concept, announced that it has acquired, effective today, six of its previously franchise-owned restaurants in Florida.
"We're thrilled to welcome our newest teams in the Florida Panhandle to the First Watch company-owned system. These franchise partners have served the community from Destin to Tallahassee for more than a decade, and we are thankful for their dedication and help in a successful transition," said Chris Tomasso, First Watch CEO and President. "As part of our long-term growth strategy, we've now welcomed 23 new restaurants this year alone into the First Watch fold that were previously owned by our franchise partners. We look forward to celebrating our newest teams and restaurants and continuing our dedication to operational excellence in the Sunshine State."
The acquisition was funded with cash on hand.
About First Watch
First Watch is an award-winning Daytime Dining concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. A recipient of hundreds of local "Best Breakfast" and "Best Brunch" accolades, First Watch's chef-driven menu includes elevated executions of classic favorites along with specialties such as the Quinoa Power Bowl®, Farm Stand Breakfast Tacos, Avocado Toast, Chickichanga, Morning Meditation (juiced in-house daily), Spiked Lavender Lemonade and its signature Million Dollar Bacon. In 2023, First Watch was recognized as the top restaurant brand in Yelp's inaugural list of the top 50 most-loved brands in the U.S. In 2023 and 2022, First Watch was named a Top 100 Most Loved Workplace® in Newsweek by the Best Practice Institute. In 2022, First Watch was awarded a sought-after MenuMasters honor by Nation's Restaurant News for its seasonal Braised Short Rib Omelet and recognized with ADP's coveted Culture at Work Award. There are more than 500 First Watch restaurants in 29 states, and the restaurant concept is majority owned by Advent International, one of the world's largest private-equity firms. For more information, visit www.firstwatch.com.