First Watch acquires three Midwest franchise restaurants

First Watch has acquired three franchise restaurants in Missouri. Financial terms of the deal were not disclosed. The company will provide more information about the transaction when it reports its first-quarter results, according to a statement.

Acquiring franchise-owned restaurants has been part of the east Manatee County-based daytime dining company’s strategy as it positions itself for growth. Since May 2023, it has acquired 48 total franchised restaurants, according to a statement.

Here are a couple of the major deals in the last year:

• In November 2024, First Watch reported it reached a $49 million agreement to acquire 16 franchise restaurants in North and South Carolina. The acquisition was expected to close in mid-April 2025.
• In April 2024, the company closed on a $75 million deal to acquire 21 franchise locations in North Carolina.

The new acquisitions in Missouri include the Lee’s Summit, West Columbia and South Columbia locations. 

“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,” First Watch CEO and President Chris Tomasso says in a statement. “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.”

The company is aiming for 2,200 locations over time, Tomasso said in a November earnings report.

Currently, First Watch operates more than 570 restaurants in 30 states. The company posted nearly $1.02 billion in revenue in 2024.