Featured, Linkable Case Studies

Click “Timeline & Lessons” for context. Use the source links on each card to verify details.

Good Morning Carolinas, LLC (Houston Pizza Venture)

Region: NC & SC Profile: Multi-Unit Status: Portfolio sold to First Watch (2025)

Franchise group behind the Carolinas buildout; named individuals include Christopher Osborn and Michael White. Originally signed a 12-restaurant development agreement and later sold a 16-restaurant portfolio (plus development rights) to First Watch in 2025.

12

Planned (2016)

16

Acquired (2025)

NC/SC

Charlotte/Columbia/Greenville

Timeline & Lessons

• 2016: Development deal via subsidiary of Houston Pizza Venture.
• 2018: Operator Manik Suri publicly named during Charlotte expansion.
• 2024–2025: Announced and completed sale of 16 franchised units + rights to First Watch.

Sources: RestaurantNews (2016) Franchising.com (2018) CoStar (2024) IR Release (2024) Business Observer (2025) SEC Exhibit 99.1

Cutchall Management Company (Greg Cutchall) — Omaha

Region: Omaha, NE Profile: Multi-Unit Status: Acquired by First Watch (2023)

Omaha-based franchisee founded by the late Greg Cutchall. Multi-unit agreement announced in 2013; local grand-opening coverage followed. First Watch later acquired six Omaha franchise restaurants in 2023.

3+

Planned in 2013

6

Acquired in 2023

Bellevue

Ribbon-cutting noted

Timeline & Lessons

• 2013: Multi-unit franchise agreement for Omaha market.
• 2017–2018: Local coverage of openings (incl. Bellevue).
• 2023: First Watch acquires six Omaha franchise units.

Sources: Franchising.com (2013) Strictly Business Omaha GlobeNewswire (2023) Business Observer (2023)

RAS, LLC — Ryan Hendrix, Andrew Brooks, Steven Hendrix

Region: Charleston • Augusta • Savannah Profile: Area Development

New franchise partnership announced in 2017 to develop seven First Watch restaurants across South Carolina and Georgia markets, led by Ryan Hendrix, Andrew Brooks and Steven Hendrix.

7

Planned (2017)

Lowcountry

Focus

Ops

Multi-brand group

Timeline & Lessons

• 2017: Agreement announced; team with prior multi-unit experience (Jersey Mike’s).
• Development cadence aligned to leadership pipeline and site availability.

Sources: RestaurantNews (2017)

One Holland Restaurant Group (CEO: Gary Holland) — KY

Region: Louisville • Lexington • Georgetown Profile: Multi-Unit Award: Franchisee of the Year (2021)

Northern Kentucky-based operator of multiple First Watch restaurants; recognized by the brand as 2021 Franchisee of the Year. Local coverage highlights the Fern Creek (Louisville) opening and center ribbon-cutting; the location is live on First Watch’s site.

7+

KY units (2022)

Fern Creek

Opening covered

Award

Brand recognition

Timeline & Lessons

• Regional clustering across Bluegrass markets for shared leadership and training days.
• Community-oriented openings (donations/ribbon-cuttings) to seed weekday traffic.

Sources: LINK nky (2022) One Holland – In the News WDRB Louisville (2023) First Watch Location Page

Mac Haik Restaurant Group — Texas

Region: Texas Profile: Multi-Unit Agreement: Up to 18 (2016)

First Watch’s largest franchise development agreement at the time with Mac Haik Enterprises, followed by multiple documented Houston-area openings.

18

Planned (2016)

Cypress

Opened 2017

River Oaks

Opened 2022

Timeline & Lessons

• 2016: Exclusive development agreement announced.
• 2016–2017: Early Houston openings covered in local press.
• 2022–2024: Continued expansion updates (e.g., River Oaks, Willis/Sienna).

Sources: RestaurantNews (2016) Houston Chronicle (2016) Houston Chronicle (2017) Yahoo Finance (2022) Community Impact (2023)

Capstone Concepts — Knoxville/Chattanooga, TN

Region: Tennessee Profile: Multi-Unit Opened: Knoxville (2013)

Knoxville-based franchise group documented as First Watch operator since 2013, with growth across East Tennessee markets.

2013

First opening

E. TN

Cluster

Ops

Local leadership

Timeline & Lessons

• 2013: Turkey Creek opening detailed in trade press and PDFs.
• 2017–2020: Local coverage of continued expansion and format updates.

Sources: FSR (2013) Capstone PDF (2013) Knox News (2017) Farragut Press (2018) Farragut Press (2020)

Legal note: These are factual, public-source operator stories. They’re not earnings claims or offers. Official terms appear only in the current FDD (or equivalent) where permitted by law.