First Watch Restaurant Group has announced a major step in its long-term growth strategy: the acquisition of 16 franchised restaurants and their development rights in North and South Carolina for $49 million.
The agreement, signed with long-standing franchise partner Good Morning Carolinas, will mark the second-largest franchise acquisition in company history. Expected to close in mid-April 2025, the transaction covers 15 existing restaurants plus one currently under construction that will open before the deal is finalized.
Strengthening Our East Coast Presence
“This acquisition is part of our ongoing commitment to strategic growth and value creation,” said Chris Tomasso, CEO and President of First Watch.
“These 16 restaurants — along with the associated development rights — strengthen our corporate footprint along the East Coast and give us additional territories where we can continue to grow organically for years to come. We look forward to welcoming the teams from these restaurants into the First Watch family.”
Once complete, the deal will expand First Watch’s company-owned base while ensuring operational alignment and brand consistency across key East Coast markets.
A Growing National Footprint
First Watch currently operates 547 restaurants across 29 states, with 466 company-owned and 81 franchise-owned locations. Known for its fresh, chef-driven daytime menu, First Watch rotates seasonal offerings five times a year — featuring favorites like the Quinoa Power Bowl, Lemon Ricotta Pancakes, and the Morning Meditation juice.
The North Carolina restaurants included in this transaction are located in Matthews, Charlotte, Concord Mills, Huntersville, Mooresville, and Hickory. In South Carolina, locations include Columbia, Fort Mill, Greenville, Simpsonville, and Rock Hill.
This builds on our April 2024 acquisition of 21 restaurants in North Carolina for $75 million, the largest franchise acquisition in our history to date. With this latest transaction, First Watch has now acquired 45 franchise-owned restaurants through six strategic acquisitions since May 2023.
Investing in Future Growth
The purchase will be funded through a combination of cash on hand and available borrowings under our credit facility. Beyond expanding company-owned operations, the deal positions First Watch to maximize efficiency, profitability, and market growth in the years ahead.
For franchise partners, this underscores the strength of the First Watch system and the value of being part of a brand that continues to invest aggressively in long-term success.
About First Watch
First Watch is the leading daytime dining concept serving breakfast, brunch, and lunch. With a strong focus on fresh ingredients, hospitality, and community connection, the brand continues to grow as a top choice for entrepreneurs and franchise partners nationwide.
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