SCHEDULE 13G/A: Ararat Capital Management and Affiliates Disclose 7.7% Stake in European Wax Center

Ararat Capital Management, LP, Narrow River Capital Partners Master Fund, L.P., and Raffi Tokatlian have jointly disclosed a beneficial ownership of 7.7% of European Wax Center, Inc.'s Class A Common Stock.

Summary

• Ararat Capital Management, LP, Narrow River Capital Partners Master Fund, L.P., and Raffi Tokatlian (collectively, the "Reporting Persons") have filed an Amendment No. 1 to Schedule 13G.
• The Reporting Persons collectively beneficially own 3,351,036 shares of European Wax Center, Inc.'s Class A Common Stock.
• This ownership represents 7.7% of the Class A Common Stock outstanding.
• The percentage is calculated based on 43,341,319 shares of Class A Common Stock reported outstanding as of March 5, 2025, as per the Company's Form 10-K filed on March 11, 2025.
• The shares are held with shared voting power and shared dispositive power among the Reporting Persons.
• Ararat Capital Management, LP is a Delaware limited partnership and acts as the investment manager to Narrow River Capital Partners Master Fund, L.P.
• Narrow River Capital Partners Master Fund, L.P. is a Cayman Islands exempted limited partnership.
• Raffi Tokatlian is a U.S. citizen and serves as the sole member and manager of Ararat Capital Management GP, LLC, the general partner of Ararat Capital Management, LP.
• The filing certifies that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: This is a factual disclosure of beneficial ownership and does not contain performance or forward-looking statements that would indicate a strong positive or negative sentiment. The presence of a significant institutional investor can be viewed neutrally to positively.

Positives

• The disclosure of a significant 7.7% stake by institutional investors like Ararat Capital Management and Narrow River Capital Partners Master Fund may signal confidence in European Wax Center, Inc.'s long-term prospects.
• The passive nature of the investment, as indicated by the Schedule 13G filing, suggests a belief in the company's current management and strategic direction without intent to seek control.

Future Outlook

This Schedule 13G filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance regarding European Wax Center, Inc.'s future performance or strategic outlook.

Industry Context

European Wax Center, Inc. operates within the personal care and beauty services industry, specializing in waxing services. This filing is a standard disclosure of a significant passive investment by an institutional fund and does not provide specific insights into broader industry trends or competitive dynamics beyond the ownership stake itself.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake (7.7%) by Ararat Capital Management and its affiliates may be viewed positively by other investors, potentially influencing investor perception and stock liquidity.

Key Dates

Keywords

European Wax Center, EWC, Class A Common Stock, Schedule 13G, beneficial ownership, institutional investor, Ararat Capital Management, Narrow River Capital Partners, Raffi Tokatlian, SEC filing