First Watch Announces Acquisition of Six Franchise Restaurants in Florida
13 Novembro 2023 - 6:31PM
First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or
the “Company”), the leading Daytime Dining concept, announced that
it has acquired, effective today, 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.
About First WatchFirst 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 StatementsIn
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
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.
Investor Relations Contact:Steve
L. Marotta941-500-1918investors@firstwatch.com
Media Relations
Contact:FirstWatch@icrinc.com
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