First Watch acquires 21 franchise restaurants in North Carolina for $75M

First Watch Restaurant Group, Inc.

Purchase price $75M on cash-free, debt-free basis; includes 21 restaurants and development rights in North Carolina.
Largest franchise acquisition to date; expected AUVs and margins in line with company-owned restaurants.
Over 600 new employees join corporate system; 44 total franchised restaurants acquired since May 2023 across 6 acquisitions.
CEO Chris Tomasso cites long-term growth and value creation strategy.

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