First Watch acquires six of its franchise-owned restaurants

The concept, which has 470 restaurants in 29 states, acquired the restaurants in Nebraska as part of its growth strategy.

By Business Observer Staff
| 4:30 p.m. May 3, 2023
| 2 Free Articles Remaining!

Chris Tomasso says the acquisition is part of the public company's growth strategy.

Manatee-Sarasota

First Watch is acquiring some of its own — locations, that is.

The daytime dining concept, which went public Oct. 3, 2021, announced May 2 that it had acquired six franchise-owned First Watch restaurants in Omaha, Nebraska.

“We’re thrilled to share the news of our acquisition of these six First Watch restaurants in greater Omaha," CEO and president Chris Tomasso says in a statement. “We believe this acquisition — and the acquisition of additional franchise-owned restaurants in the future — will be an important part of our growth strategy going forward.”

The acquisition was funded with cash, the release states. The company declined to disclose the price,

“Our teams in the Omaha market have been serving the community for more than a decade, with a people-first approach that I believe truly sets First Watch apart,” Tomasso adds. “We’re so proud of their dedication to operational excellence, and we look forward to serving the Omaha area with that same dedication for years to come.”

First Watch Restaurant Group Inc. was the first major company to go public in the Sarasota-Bradenton region in 15 years. The company's shares are traded on the Nasdaq, under the symbol FWRG. It posted $730.16 million in revenue in 2022, up 21.45% from $601.19 million in 2021.