First Watch reaches $75M deal to buy back 21 franchise locations

First Watch, a leading national daytime dining concept, has reached a $75 million agreement to acquire 21 of its franchise locations in North Carolina.

The deal, expected to close by the end of April pending completion of certain customary closing conditions, includes corresponding development rights, according to a statement. The deal is with east Manatee County-based First Watch’s largest franchisee partner, the release adds. The name of the franchisee wasn't disclosed. 

Buying franchise locations is part of a long-term strategy at First Watch, which serves breakfast, lunch and brunch through a chef-driven menu that includes elevated executions of classic favorites along with specialties, such as the Quinoa Power Bowl, Farm Stand Breakfast Tacos, Avocado Toast, Spiked Lavender Lemonade and its signature Million Dollar Bacon.