Narrow River, Ararat and Raffi Tokatlian Jointly Hold 5.7% of EWCZ

Rhea-AI Filing Summary

Ararat Capital Management, LP, Narrow River Capital Partners Master Fund, L.P., and Raffi Tokatlian report joint beneficial ownership of 2,466,997 shares of European Wax Center, Inc. Class A common stock, representing 5.7% of the class based on 43,339,566 shares outstanding. The filing states the shares are held by the Master Fund and are also attributable indirectly to Ararat as investment manager and to Mr. Tokatlian as the manager of Ararat GP. The reporting persons assert the holdings were not acquired to change or influence control of the issuer.

Positive

• Material disclosure of ownership: The filing transparently reports a 5.7% beneficial stake (2,466,997 shares) using the issuer's stated share count of 43,339,566.
• Clear reporting structure: The roles of the Master Fund, Ararat as investment manager, and Mr. Tokatlian are explicitly described.

Negative

• None.

Insights

Financial Analyst

TL;DR: A ~5.7% stake by an investment fund signals a meaningful minority position that could attract investor attention but is not control-threatening.

The disclosure shows a combined beneficial ownership of 2,466,997 Class A shares equal to 5.7% of outstanding shares using the issuer's reported 43,339,566-share base. For investors and analysts, a >5% holding by an investment adviser/master fund typically merits monitoring for potential engagement, activism, or future changes in position size. The filing includes shared voting and dispositive power only, with no sole voting or sole dispositive power disclosed.

Corporate Governance Expert

TL;DR: Joint filing by manager, fund, and manager-individual indicates coordinated ownership reporting and compliance with Schedule 13G disclosure requirements.

The statement clarifies the reporting structure: the Master Fund directly holds the shares, Ararat serves as investment manager, and Mr. Tokatlian is the manager of Ararat GP. The filing affirms the holdings were not acquired to effect a change in control, consistent with passive investor representation under Schedule 13G. Shared voting and dispositive power are disclosed; no member claims sole control, which has governance implications for shareholder coordination.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

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)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 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 2,466,997.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,466,997.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,466,997.00

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)

5.7 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 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 2,466,997.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,466,997.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,466,997.00

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)

5.7 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 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 2,466,997.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,466,997.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,466,997.00

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)

5.7 %

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 Narrow River Capital Partners Master Fund, L.P. (the "Master Fund"), a Cayman Islands exempted limited partnership, that holds 2,466,997 shares of Class A common stock, $0.00001 par value per share (the "Class A Common Stock"), of European Wax Center, Inc. (the "Company") as reported on this Schedule 13G; (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 (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.: 29882P106
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 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 43,339,566 shares of Class A Common Stock reported to be outstanding as of May 9, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended April 5, 2025, filed with the Securities and Exchange Commission on May 14, 2025. 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: 5.7%
(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 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 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 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 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.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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:	08/14/2025

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
Date:	08/14/2025

Raffi Tokatlian

Signature:	/s/ Raffi Tokatlian
Name/Title:	By: Raffi Tokatlian, Individually
Date:	08/14/2025

FAQ

What stake does Ararat Capital (and affiliates) report in European Wax Center (EWCZ)?

The reporting persons state beneficial ownership of 2,466,997 shares, representing 5.7% of Class A common stock based on 43,339,566 shares outstanding.

Who are the reporting persons on this Schedule 13G/A for EWCZ?

The report is jointly filed by Ararat Capital Management, LP, Narrow River Capital Partners Master Fund, L.P., and Raffi Tokatlian.

Do the reporting persons claim sole voting or dispositive power over the reported shares?

No. The filing discloses 0 shares of sole voting or sole dispositive power and 2,466,997 shares of shared voting and shared dispositive power.

Was the position reported as intended to change or influence control of European Wax Center?

The filing includes a certification stating the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.