First Watch Restaurants, Inc., commonly referred to as First Watch, is an American restaurant chain based in

Bradenton, Florida Bradenton ( ) is a city in and the county seat of Manatee County, Florida, Manatee County, Florida, United States. As of the 2020 United States Census, 2020 census, the city's population is 55,698. History Late 18th and early 19th centuries ...

. As of August 2023, the chain has more than 500 locations in 29 states and 9,000 employees. First Watch is also the owner of Sun & Fork by First Watch, a fast-casual café concept located in Nashville, Tennessee. First Watch offers a variety of breakfast items marketed as being healthier than other breakfast chains.

History

The name "First Watch" is a nautical reference to the first work shift aboard a ship as First Watch restaurants are only open from 7:00 AM to 2:30 PM. The first location was opened in

Pacific Grove, California Pacific Grove is a coastal city in Monterey County, California, in the United States. The population at the 2020 census was 15,090. Pacific Grove is located between Point Pinos and Monterey. Pacific Grove has numerous Victorian-era houses, so ...

in 1983 by Ken Pendery and John Sullivan. The co-owners founded it after leaving the Le Peep breakfast chain in Colorado. In 1986, they moved their headquarters to

2014-present

In 2014, First Watch bought The Good Egg, which is located in Arizona. As of 2021, 18 of The Good Egg restaurants have been converted into First Watch restaurants. In May 2015, the company acquired the Colorado-based Egg & I Restaurants chain. The Egg & I has 114 eateries across twenty states. Not every Egg & I Restaurant location will become a First Watch, but as of 2016, 22 conversions had been completed. In 2012 First Watch ranked as the best breakfast chain in a survey of 150,000 ''

Consumer Reports Consumer Reports (CR), formerly Consumers Union (CU), is an American nonprofit consumer organization dedicated to independent product testing, investigative journalism, consumer-oriented research, public education, and consumer advocacy. Founded ...

'' readers earning top ratings in taste, service, value, and menu choices. In 2017 private equity firm Advent International bought a majority stake in First Watch. Advent International bought First Watch from Freeman Spogli & Co., which obtained First Watch in 2011. Freeman Spogli & Co. bought out the 85 percent stake previously held by

Catterton Partners L Catterton is a U.S.-headquartered private equity firm. Since 1989, the firm has made more than 250 investments in brands across all segments of the consumer industry. L Catterton is led by its co-Chief Executive Officers, J. Michael Chu and S ...

. Catterton's stake was acquired in 2004 with a $35 million investment that allowed First Watch to expand in the Southeast and Midwest, doubling the number of First Watch restaurants. First Watch has a large presence in Florida, Texas, Pennsylvania, Ohio, Colorado, and Arizona. First Watch and the Egg & I restaurants serve breakfast, brunch, and lunch and offer a wide variety of items. In 2018, First Watch began to source its coffee from Huila, Colombia to "support hard-working women and their families in Huila in 2018." Royal Cup Coffee, an Alabama-based coffee company, roasts the coffee. In October 2021, First Watch went public with an initial public offering raising $170 million on

Nasdaq The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...

. The company bought back six of its franchise locations in August 2023.

References

External links

* * {{Finance links , name = First Watch Restaurant Group Inc. , symbol = FWRG , google = FWRG:NASDAQ , yahoo = FWRG , bloomberg = FWRG:US , sec_cik = 1789940 Restaurants in Florida Restaurants established in 1983 Companies listed on the Nasdaq 1983 establishments in California 2021 initial public offerings Companies based in Manatee County, Florida