First Watch Announces Acquisition of Five Franchise Restaurants in the Milwaukee Area
27 Junho 2023 - 5:05PM
First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or
the “Company”), the leading Daytime Dining concept, announced that
it has acquired, effective Monday, June 26, all five of its
previously franchise-owned restaurants and corresponding
development rights in Milwaukee, Wisconsin.
“As we continue to execute on our long-term growth strategy,
we’re excited to announce the acquisition of these five restaurants
in the Milwaukee area,” said Chris Tomasso, First Watch CEO and
President. “These previously franchise-owned restaurants perform
similarly to our company-owned units, and we look forward to their
continued operational excellence and prosperity as we serve our
communities in greater Milwaukee for years to come.”
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 First Watch specialties such as the
protein-packed 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 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, recognized with ADP’s coveted Culture at Work Award and
named a Most Loved Workplace® in Newsweek by the Best Practice
Institute. In 2021, First Watch was recognized as FSR Magazine’s
Best Menu and as the fastest-growing full-service restaurant chain
based on unit growth. There are more than 480 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 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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