First Watch completes $49M acquisition, adds 500 employees

Daytime dining concept First Watch has completed a $49 million deal, acquiring 16 franchise-owned First Watch restaurants and development rights in North and South Carolina. Marking the second-largest acquisition in the history of the East Manatee County-based company, the deal was made on a cash-free, debt-free basis, according to a statement.

The 16 acquired restaurants are in North Carolina's Charlotte and Concord markets as well as South Carolina's Columbia and Greenville markets.

“The acquisition of these 16 locations helps solidify corporate ownership of First Watch restaurants along the East Coast — and provides us with additional territories to grow organically for years to come,” First Watch President and CEO Chris Tomasso says in a statement.