SCHEDULE: Ararat Capital, Narrow River Disclose European Wax Center Stake

Ararat Capital Management LP, Narrow River Capital Partners Master Fund, L.P., and Raffi Tokatlian jointly filed an amended Schedule 13G, disclosing beneficial ownership of 5.0% 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 are the Reporting Persons.
• The filing is an Amendment No. 4 to a Schedule 13G for European Wax Center, Inc.'s Class A Common Stock, $0.00001 par value per share (CUSIP: 29882P106).
• As of the date of the filing, the Reporting Persons collectively beneficially own 2,218,002 shares of Class A Common Stock, representing 5.0% of the outstanding class.
• As of December 31, 2025, the Reporting Persons were deemed to beneficially own 2,140,700 shares, representing 4.9% of the outstanding Class A Common Stock at that time.
• The current 5.0% ownership is calculated based on 44,017,971 shares of Class A Common Stock outstanding as of February 6, 2026.
• The 4.9% ownership as of December 31, 2025, was calculated based on 43,692,903 shares outstanding as of November 7, 2025.
• Ararat Capital Management LP is a Delaware limited partnership and acts as an investment manager.
• Narrow River Capital Partners Master Fund, L.P. is a Cayman Islands exempted limited partnership.
• Raffi Tokatlian is a U.S. citizen and the sole member and manager of Ararat Capital Management GP, LLC, the general partner of Ararat Capital Management LP.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing, as it confirms a significant, albeit passive, institutional investment in European Wax Center, indicating continued investor interest.

Positives

• An institutional investor group, including Ararat Capital Management LP and Narrow River Capital Partners Master Fund, L.P., maintains a significant 5.0% stake in European Wax Center, Inc., indicating continued investor interest.

Industry Context

StockSavvy.ai notes that Schedule 13G filings indicate passive investment stakes by institutional investors, which can signal confidence in a company's long-term prospects without implying active management influence. This filing confirms a continued, significant institutional presence in European Wax Center, Inc.

Stakeholder Impact

• Shareholders are informed of a significant institutional investor group maintaining a 5.0% stake in the company, which may be viewed as a sign of continued confidence.

Key Dates

Recommendation

The Schedule 13G filing is a routine disclosure of beneficial ownership by institutional investors and does not contain operational or financial performance data to warrant a change in investment recommendation. The maintenance of a significant stake by Ararat Capital Management LP and its affiliates suggests continued, passive investor interest in European Wax Center, Inc.

Keywords

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