First Watch to acquire 16 franchise restaurants in Carolinas for $49M

First Watch Restaurant Group, Inc.

Acquiring 15 franchise restaurants plus one under development in NC/SC for $49M on cash-free, debt-free basis.
Transaction includes development rights; closing expected by mid-April 2025, subject to customary conditions.
Acquisition to be funded through cash on hand and available borrowings under credit facility.
Second largest franchisee deal in history; total 45 franchise restaurants acquired since May 2023.

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