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Bradenton,
FL – April 2025 / NewsmakerAlert:
First
Watch Restaurant Group, Inc. (NASDAQ: FWRG) (together with its subsidiaries
“First Watch” or the “Company”), the leading Daytime Dining concept serving
breakfast, brunch and lunch, announces the acquisition of three of its
franchise-owned restaurants and corresponding development rights in Missouri.
“We’re
proud to welcome the Lee’s Summit, West Columbia and South Columbia restaurant
teams into the First Watch company-owned system,” said Chris
Tomasso, First Watch CEO and President. “All three of these restaurants
opened within the past five years and, in that time, have made strong connections
with their surrounding communities and respective customers. Acquisitions
like this one continue to be an important part of our long-term growth
and value creation strategy, and the associated development rights represent
white space in this key market area for us to grow organically for years
to come.”
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First
Watch has now acquired 48 total franchised restaurants across seven acquisitions
since May 2023. The Company will provide additional information regarding
the transaction when it reports results of the first fiscal quarter ended
March 30, 2025. For more information about First Watch and its seasonal
menu offerings, visit www.FirstWatch.com.
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 award-winning
chef-driven menu rotates five times a year and includes elevated executions
of classic favorites alongside specialties such as its Quinoa Power Bowl,
Lemon Ricotta Pancakes, Chickichanga, Morning Meditation fresh juice and
signature Million Dollar Bacon. After first appearing on the list in 2022
and 2023, First Watch was named 2024’s #1 Most Loved Workplace® in
America by Newsweek and the Best Practice Institute. In 2023, First
Watch was named the top restaurant brand in Yelp’s inaugural list of the
top 50 most-loved brands in the U.S. In 2022, First Watch was awarded a
sought-after MenuMasters honor by Nation’s Restaurant News for its
seasonal Braised Short Rib Omelet. First Watch operates more than 570 First
Watch restaurants in 30 states. For more information, visit www.FirstWatch.com.
Forward-Looking
Statements
This
release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which are subject to known and
unknown risks, uncertainties and other important factors that may cause
actual results to be materially different from the statements made herein.
All statements other than statements of historical fact are forward-looking
statements. Forward-looking statements discuss our current expectations
and projections relating to our financial position, results of operations,
plans, objectives, future performance and business. You can identify forward-looking
statements by the fact that they do not relate strictly to any historical
or current facts. These statements may include words such as “aim,” “anticipate,”
“believe,” “estimate,” “expect,” “forecast,” “future,” “intend,” “outlook,”
“potential,” “project,” “projection,” “plan,” “seek,” “may,” “could,” “would,”
“will,” “should,” “can,” “can have,” “likely,” the negatives thereof and
other similar expressions. You should evaluate all forward-looking statements
made in this press release in the context of the risks and uncertainties
disclosed herein, in our Annual Report on Form 10-K, including “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition and Results
of Operations,” and our other filings with the SEC, accessible on the SEC’s
website at www.sec.gov and the Investors Relations section of the Company’s
website at https://investors.firstwatch.com/financial-information/sec-filings.
Important factors that could cause actual results to differ materially
from those in the forward-looking statements include the following: uncertainty
regarding the Russia-Ukraine war, Israel-Hamas war and the related impact
on macroeconomic conditions, including inflation, as a result of such conflicts
or other related events; our vulnerability to changes in economic conditions
and consumer preferences; our inability to successfully open new restaurants
or establish new markets; our inability to effectively manage our growth;
potential negative impacts on sales at our and our franchisees’ restaurants
as a result of our opening new restaurants; a decline in visitors to any
of the retail centers, lifestyle centers, or entertainment centers where
our restaurants are located; lower than expected same-restaurant sales
growth; unsuccessful marketing programs and limited time new offerings;
changes in the cost of food; unprofitability or closure of new restaurants
or lower than previously experienced performance in existing restaurants;
our inability to compete effectively for customers; unsuccessful financial
performance of our franchisees; our limited control over our franchisees’
operations; our inability to maintain good relationships with our franchisees;
conflicts of interest with our franchisees; the geographic concentration
of our system-wide restaurant base in the southeast portion of the United
States; damage to our reputation and negative publicity; our inability
or failure to recognize, respond to and effectively manage the accelerated
impact of social media; our limited number of suppliers and distributors
for several of our frequently used ingredients and shortages or disruptions
in the supply or delivery of such ingredients; information technology system
failures or breaches of our network security; our failure to comply with
federal and state laws and regulations relating to privacy, data protection,
advertising and consumer protection, or the expansion of current or the
enactment of new laws or regulations relating to privacy, data protection,
advertising and consumer protection; our potential liability with our gift
cards under the property laws of some states; our failure to enforce and
maintain our trademarks and protect our other intellectual property; litigation
with respect to intellectual property assets; our dependence on our executive
officers and certain other key employees; our inability to identify, hire,
train and retain qualified individuals for our workforce; our failure to
obtain or to properly verify the employment eligibility of our employees;
our failure to maintain our corporate culture as we grow; unionization
activities among our employees; employment and labor law proceedings; labor
shortages or increased labor costs or health care costs; risks associated
with leasing property subject to long-term and non-cancelable leases; risks
related to our sale of alcoholic beverages; costly and complex compliance
with federal, state and local laws; changes in accounting principles applicable
to us; our vulnerability to natural disasters, unusual weather conditions,
pandemic outbreaks, political events, war and terrorism; our inability
to secure additional capital to support business growth; our level of indebtedness;
failure to comply with covenants under our credit facility; and the interests
of our largest stockholder may differ from those of public stockholders.
For additional discussion of factors that could impact our operational
and financial results, please refer to our filings with the SEC, accessible
on the SEC’s website at www.sec.gov and the Investors Relations section
of the Company’s website at https://investors.firstwatch.com/financial-information/sec-filings.
Should one or more of these risks or uncertainties materialize, or should
any of our assumptions prove incorrect, our actual financial condition,
results of operations, future performance and business may vary in material
respects from the performance projected in these forward-looking statements.
Media
Relations Contact:
Jenni
Glester
Senior
Director,
PR
& Communications
407-864-5823
LinkedIn |
