First Watch to Acquire 16 Franchise Restaurants in the Carolinas

First Watch Restaurant Group, Inc. has announced its plan to acquire 16 franchise restaurants located in North and South Carolina for $49 million. The acquisition, which includes 15 operational franchise locations, one under construction, and corresponding development rights, is aligned with First Watch's strategic efforts to increase corporate-owned restaurant presence and foster long-term growth along the East Coast. The acquisition will be financed through cash on hand and borrowing facilities, with a completion date slated for mid-April 2025, contingent on customary closing conditions. This is a part of First Watch's broader strategy to consolidate franchise-owned establishments, having acquired 45 other franchised restaurants since May 2023. The transaction will provide First Watch with additional territories to expand its operations. As a well-regarded daytime dining concept serving breakfast, brunch, and lunch, First Watch is known for its rotating menu and quality service, garnering numerous accolades and maintaining a substantial presence across 540 restaurants in 29 states.