BRADENTON, Fla., June 27, 2023 (GLOBE NEWSWIRE) — First Watch Restaurant Group, Inc. (NASDAQ: FWRG), 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 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 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.
