First Watch (restaurant chain)

First Watch is an American restaurant chain based in Bradenton, Florida.[2] As of August 2023, the chain has 500 locations[3] 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.[4]

First Watch Restaurants, Inc
First Watch
TypePublic
Nasdaq: FWRG
IndustryRestaurant
GenreCasual dining
Founded1983 (1983)
Pacific Grove, California, U.S.
Founders
  • Ken Pendery
  • John Sullivan
Headquarters
Sarasota, Florida
,
U.S.
Number of locations
378
Area served
United States
Key people
Chris Tomasso, CEO[1]
ProductsBreakfast platters
Lunch platters
Subsidiaries
  • Egg & I Restaurants
  • Bread & Company
Websitewww.firstwatch.com

First Watch offers menu items such as avocado toast, smoked salmon eggs benedict, farm stand breakfast tacos, lemon ricotta pancakes, and a fresh juice bar.[5]

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.[6] The first location was opened in Pacific Grove, California 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 Bradenton, Florida.[7]

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.[3] In May 2015, the company acquired the Colorado-based Egg & I Restaurants chain.[3] The Egg & I has 114 eateries across twenty states.[4] 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 readers earning top ratings in taste, service, value, and menu choices.[8]

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.[9] Freeman Spogli & Co. bought out the 85 percent stake previously held by Catterton Partners.[8] 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.[10] 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.[9]

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.[11] In October 2021, First Watch went public with an initial public offering raising $170 million on Nasdaq.[12]

The company bought back six of its franchise locations in August 2023.[13]

References
  1. Klein, Danny (June 2018). "Fast-Growing First Watch Promotes Chris Tomasso to CEO". FSR.
  2. "Restaurant chain First Watch announces construction of new headquarters in Manatee County". Business Observer. June 25, 2019. Retrieved October 12, 2021.
  3. "First Watch's bold growth move". Jax Daily Record. Jacksonville, Florida. September 11, 2017. Retrieved March 27, 2018.
  4. Antonation, Mark (May 28, 2015). "First Watch Opens First Denver Branch, Acquires The Egg & I". Westword. Retrieved March 27, 2018.
  5. "First Watch Inks Largest Franchise Agreement to Date". Food Newsfeed. February 2, 2016. Retrieved March 27, 2018.
  6. "Our History". First Watch. Archived from the original on October 7, 2017. Retrieved October 7, 2017.
  7. "Frequently Asked Questions". First Watch. Archived from the original on March 21, 2012.
  8. Albright, Mark (March 26, 2012). "A shorter day works for First Watch". Tampa Bay Times. Archived from the original on March 7, 2016.
  9. Hirsch, Lauren. "Advent invests in U.S. café operator First Watch Restaurants". Reuters. Retrieved March 27, 2018.
  10. Hielscher, John (December 23, 2011). "Firm buys First Watch restaurant chain". Sarasota Herald-Tribune. Archived from the original on July 4, 2018.
  11. "Restaurant Chain First Watch Revamps Coffee Program with Single-Origin Focus". Daily Coffee News by Roast Magazine. January 11, 2018. Retrieved March 27, 2018.
  12. "First Watch raises $170M in IPO". Restaurant Business. September 30, 2021.
  13. "First Watch acquires six franchise restaurants in US". MSN. August 10, 2023.
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