European Wax Center, Inc. Schedule 13G/A: Ararat Capital Management, Narrow River Capital Partners Master Fund and Raffi Tokatlian jointly report beneficial ownership stakes in the company. The filing lists 3,102,117 shares (7.0%) reported for Ararat/Tokatlian and 2,975,420 shares (6.7%) for the Master Fund, using 44,261,860 shares outstanding as of March 26, 2026 as the denominator.
The filing states the positions are held indirectly by Ararat and the Master Fund and is signed by Raffi Tokatlian on behalf of each reporting entity.
Positive
None.
Negative
None.
Insights
Large passive holdings reported by an investment manager and its fund; percentages based on disclosed outstanding shares.
The filing shows 3,102,117 and 2,975,420 share positions with corresponding 7.0% and 6.7% class stakes, calculated using March 26, 2026 outstanding shares. It documents indirect ownership through an investment manager and a Cayman master fund.
Implications depend on whether these positions are passive versus active; future Schedule 13D or Form 4 entries would provide more detail about intentions or transactions.
Joint filing clarifies voting and dispositive power is shared and reported by the manager and fund.
The cover data attributes shared voting and shared dispositive power for the reported share counts, and the statement cites a Revised Preliminary Proxy for the outstanding share base. Signatures show Raffi Tokatlian acting for the entities.
Governance effects hinge on whether positions are coordinated; the filing discloses structure but does not state coordinated action or proposals.
Key Figures
Ararat/Tokatlian shares:3,102,117 sharesMaster Fund shares:2,975,420 sharesPercent of class (Ararat/Tokatlian):7.0%+2 more
Master Fund shares2,975,420 sharesreported beneficial ownership; <date>March 26, 2026</date> denominator
Percent of class (Ararat/Tokatlian)7.0%based on 44,261,860 shares outstanding as of March 26, 2026
Percent of class (Master Fund)6.7%based on 44,261,860 shares outstanding as of March 26, 2026
Shares outstanding used44,261,860 sharesoutstanding shares as of March 26, 2026 (proxy statement)
Key Terms
Schedule 13G/A, beneficial ownership, shared dispositive power
3 terms
Schedule 13G/Aregulatory
"jointly filed by Ararat Capital Management, the Master Fund and Raffi Tokatlian"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
beneficial ownershipfinancial
"amount beneficially owned: The information required by Item 4(a)"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
What stake does Ararat report in European Wax Center (EWCZ)?
Ararat/Tokatlian report beneficial ownership of 3,102,117 shares (7.0%). The percentage is calculated using 44,261,860 shares outstanding as of March 26, 2026, per the filing's disclosure.
How many shares does Narrow River Capital Partners Master Fund hold in EWCZ?
The Master Fund reports beneficial ownership of 2,975,420 shares (6.7%). This position is disclosed as held indirectly and uses the same outstanding-share base cited in the filing.
Are these holdings reported as direct or indirect ownership?
The filing states the positions are held indirectly by Ararat as investment manager and by the Master Fund. Raffi Tokatlian is reported as the manager signing on behalf of the named entities.
What outstanding share count is used to compute the reported percentages?
Percentages are calculated using 44,261,860 shares outstanding as of March 26, 2026, cited from a Revised Preliminary Proxy Statement on Schedule 14A filed March 30, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 5)
European Wax Center, Inc.
(Name of Issuer)
Class A Common Stock, $0.00001 par value per share
(Title of Class of Securities)
29882P106
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
29882P106
1
Names of Reporting Persons
Ararat Capital Management LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,102,117.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,102,117.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,102,117.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.0 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
29882P106
1
Names of Reporting Persons
Narrow River Capital Partners Master Fund, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,975,420.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,975,420.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,975,420.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.7 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
29882P106
1
Names of Reporting Persons
Raffi Tokatlian
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,102,117.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,102,117.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,102,117.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.0 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
European Wax Center, Inc.
(b)
Address of issuer's principal executive offices:
5830 Granite Parkway, 3rd Floor Plano TX 75024
Item 2.
(a)
Name of person filing:
This report on Schedule 13G (this "Schedule 13G"), is being jointly filed by (i) Ararat Capital Management, LP ("Ararat"), a Delaware limited partnership, the investment manager to a certain managed account and to Narrow River Capital Partners Master Fund, L.P. (the "Master Fund"), a Cayman Islands exempted limited partnership, that holds 2,975,420 shares of Class A common stock, $0.00001 par value per share (the "Class A Common Stock"), of European Wax Center, Inc. (the "Company"); (ii) the Master Fund; and (iii) Raffi Tokatlian, as the sole member and manager of Ararat Capital Management GP, LLC ("Ararat GP"), the general partner of Ararat ("Mr. Tokatlian," and, collectively with Ararat and the Master Fund, the "Reporting Persons").
The shares of Class A Common Stock reported herein may be deemed to be beneficially owned (x) by the Master Fund, (y) indirectly by Ararat, as the investment manager to the Master Fund and a certain managed account, and (z) indirectly by Mr. Tokatlian, as the sole member and manager of Ararat GP.
(b)
Address or principal business office or, if none, residence:
The address for the Reporting Persons is: 2 Railroad Place, Westport, CT 06880.
(c)
Citizenship:
Ararat is organized under the laws of the State of Delaware. Mr. Tokatlian is a citizen of the United States. The Master Fund is a Cayman Islands exempted limited partnership.
(d)
Title of class of securities:
Class A Common Stock, $0.00001 par value per share
(e)
CUSIP No.:
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Item 4(a) is set forth in Row 9 and the comment box of the cover page for each of the Reporting Persons and is incorporated herein by reference.
The percentages set forth in this Schedule 13G are calculated based upon an aggregate of 44,261,860 shares of Class A Common Stock outstanding as of March 26, 2026, as disclosed in the Company's Revised Preliminary Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on March 30, 2026.
The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the shares of Class A Common Stock reported herein.
(b)
Percent of class:
7.0%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 and the comment box of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 and the comment box of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 and the comment box of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 and the comment box of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Item 2(a).
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Ararat Capital Management LP
Signature:
/s/ Raffi Tokatlian
Name/Title:
By: Ararat Capital Management GP, LLC, its general partner, By: Raffi Tokatlian, Managing Member
Date:
04/10/2026
Narrow River Capital Partners Master Fund, L.P.
Signature:
/s/ Raffi Tokatlian
Name/Title:
By: Narrow River Capital Partners GP, LLC, its general partner, By: Raffi Tokatlian, Managing Member
