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Bradenton,
FL – November 2023 / NewsmakerAlert:
First
Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”),
the leading Daytime Dining concept, announces that it has acquired, effective
November 13, 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.
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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.
Forward-Looking
Statements
In
addition to historical information, this release contains a number of “forward-looking
statements” as defined in the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include, without limitation, information
concerning First Watch’s acquisitions of franchise-owned restaurants, possible
or assumed future results of operations, new restaurant openings, business
strategies, competitive position, industry environment, potential growth
opportunities and the effects of regulation. When used in this press release,
the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,”
“plans,” “intends,” “believes,” “seeks,” “target,” “may,” “will,” “should,”
“future,” “propose,” “preliminary,” “outlook,” “guidance,” “on track” and
variations of these words or similar expressions (or the negative versions
of such words or expressions) are intended to identify forward-looking
statements. Forward-looking statements in this press release are based
on our current expectations and assumptions regarding our business, the
economy and other future conditions. Because forward-looking statements
relate to the future, by their nature, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict. As a
result, our actual results may differ materially from those contemplated
by the forward-looking statements. Important factors that could cause actual
results to differ materially from those in the forward-looking statements
include the following: uncertainty regarding ongoing hostility between
Russia and Ukraine, renewed conflict in the Middle East and the related
impact on macroeconomic conditions, including inflation, as a result of
such conflict 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; adverse effects of the COVID-19 pandemic or other infectious
diseases; 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 majority 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 Securities
and Exchange Commission (the “SEC”), accessible on the SEC’s website at
www.sec.gov and the Investors Relations section of the Company’s
website. 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.
Company
Contact:
Matt
Eisenacher
Chief
Brand Officer
941-907-9800
First
Watch Restaurants, Inc.
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Watch’s Holiday Menu Gives Brunch Fans the Gift of Festive Flavors
(11/02/23) |
