On the Record · First Watch Restaurant Group
First Watch Restaurant Group acquisitions, on the record
The businesses First Watch Restaurant Group bought and sold, as its annual reports describe them, with the cash it reported paying for acquisitions each year and every deal filing since 2016.
Deals its annual reports describe
| Business | Deal | When | Value |
|---|---|---|---|
21 restaurants from our largest franchiseeWord for word“In addition, shortly following the end of 2023, we announced our agreement to acquire 21 restaurants from our largest franchisee.” 10-K for 2023 | agreed acquisition | shortly following the end of 2023 | — |
23 operating restaurants and development and territory rights from four franchiseesWord for word“To that end, during 2023, we acquired 23 operating restaurants along with development and territory rights from four franchisees.” 10-K for 2023 | acquisition | during 2023 | — |
23 franchise operated First Watch restaurantsWord for word“During Fiscal 2023, the Company acquired substantially all the assets associated with 23 franchise operated First Watch restaurants.” 10-K for 2023 | acquisition | During Fiscal 2023 | — |
22 franchise-operated First Watch restaurants (acquired January 22, 2024 and April 15, 2024)Word for word“During Fisca l 2024, the Company acquired substantially all the assets associated with 22 franc hise operated First Watch restaurants.” 10-K for 2024 | acquisition | — | — |
21 franchise-operated restaurants acquired April 15, 2024Word for word“The proceeds were used to repay $ 22.5 million of borrowings under the New Revolving Credit Facility and fund the franchise acquisition on April 15, 2024 that was completed for approximately $ 75.1 million.” 10-K for 2024 | acquisition | APRIL 15, 2024 | — |
23 franchise-operated First Watch restaurants acquired in four transactions during Fiscal 2023Word for word“During Fisca l 2023 , the Company acquired substantially all the assets associated with 23 franc hise operated First Watch restaurants.” 10-K for 2024 | acquisition | — | — |
19 restaurants from franchiseesWord for word“In addition, Management has entered into two agreements to acquire 19 restaurants from franchisees.” 10-K for 2024 | agreed acquisition | — | — |
16 franchise operated First Watch restaurantsWord for word“As described in Notes 2 and 3 to the consolidated financial statements, on April 28, 2025, the Company acquired certain franchise operated First Watch restaurants for a net purchase price of $49.2 million.” 10-K for 2025 | acquisition | April 28, 2025 | $49.2 million |
franchise operated First Watch restaurantsWord for word“To that end, during 2025, we acquired 19 o perating restaurants along with development and territory rights in two separate transactions.” 10-K for 2025 | acquisition | during 2025 | — |
19 and 22 franchise operated First Watch restaurantsWord for word“During Fiscal 2025 and Fiscal 2024, the Company acquired substantially all the assets associated with 19 and 22 franchise operated First Watch restaurants, respectively.” 10-K for 2025 | acquisition | Fiscal 2025 and Fiscal 2024 | — |
franchise operated First Watch restaurants (21 restaurants)Word for word“The proceeds were used to repay $ 22.5 million of borrowings under the Revolving Credit Facility and fund the business acquisition that was completed on April 15, 2024 for approximately $ 75.1 million.” 10-K for 2025 | acquisition | April 15, 2024 | approximately $ 75.1 million |
| Fiscal year ended | Cash paid for acquisitions (net of cash acquired) | Goodwill from acquisitions |
|---|---|---|
| 2019-12-29 | $22.8 million | — |
| 2020-12-27 | $0 | — |
| 2021-12-26 | $0 | — |
| 2022-12-25 | $0 | $0 |
| 2023-12-31 | $39.9 million | $14.7 million |
| 2024-12-29 | $78.6 million | $38.7 million |
| 2025-12-28 | $56 million | $21.6 million |
Deal filings since 2016
- 2024-11-12 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
- 2024-01-08 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
- 2021-10-06 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
Read from First Watch Restaurant Group’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-24. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.