First Watch (restaurant chain)

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First Watch Restaurants, Inc.
First Watch
Company type Public
Nasdaq:  FWRG
IndustryRestaurant
Genre Casual dining
Founded1983;43 years ago (1983), in Pacific Grove, California, U.S.
Founders
  • Ken Pendery
  • John Sullivan
Headquarters
Bradenton, Florida
,
U.S.
Number of locations
630
Area served
United States
Key people
Chris Tomasso (CEO) [1]
Products Breakfast platters
Lunch platters
RevenueIncrease2.svgUS$891.551 million (2023) [2]
Increase2.svgUS$41.267 million (2023) [2]
Increase2.svgUS$25.385 million (2023) [2]
Total assets Increase2.svg US$1.267 billion (FY 2023) [2]
Total equity Increase2.svg US$561.284 million (FY 2023) [2]
Number of employees
16,000 (2023)
Subsidiaries
  • Egg & I Restaurants
  • Bread & Company
Website www.firstwatch.com

First Watch Restaurants, Inc., commonly referred to as First Watch, is an American restaurant chain, known for breakfast, brunch and lunch, based in Bradenton, Florida. [3] As of August 2024, the chain has more than 630 locations [4] in 32 states [5] and 16,000 employees. [6] First Watch is also the owner of Sun & Fork by First Watch, a fast-casual café concept located in Nashville, Tennessee. [7]

Contents

History

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. [8]

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. [9]

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. [4] In May 2015, the company acquired the Colorado-based Egg & I Restaurants chain. [4] The Egg & I has 114 eateries across twenty states. [7] 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. [10]

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. [11] Freeman Spogli & Co. bought out the 85 percent stake previously held by Catterton Partners. [10] 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. [12] 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. [11]

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. [13]

In October 2021, First Watch went public with an initial public offering, raising $170 million on Nasdaq. [14]

First Watch has acquired 44 total of its previously franchised restaurants in 17 DMAs across six acquisitions since May 2023. [15]

Awards

First Watch is the recipient of several awards, primarily for its menu and workplace culture:

References

  1. ↑ Klein, Danny (June 2018). "Fast-Growing First Watch Promotes Chris Tomasso to CEO". FSR.
  2. 1 2 3 4 5 "FWRG Financials". Nasdaq. January 30, 2024.
  3. ↑ "Restaurant chain First Watch announces construction of new headquarters in Manatee County". Business Observer. June 25, 2019. Retrieved October 12, 2021.
  4. 1 2 3 "First Watch's bold growth move". Jax Daily Record. Jacksonville, Florida. September 11, 2017. Retrieved March 27, 2018.
  5. ↑ "First Watch Restaurant Group, Inc. Reports Q2 2024 Financial Results".
  6. ↑ "First Watch Restaurant Group, Inc. Reports Q2 2024 Financial Results".
  7. 1 2 Antonation, Mark (May 28, 2015). "First Watch Opens First Denver Branch, Acquires The Egg & I". Westword. Retrieved March 27, 2018.
  8. ↑ "Frequently Asked Questions". First Watch. Archived from the original on March 21, 2012.
  9. ↑ "Our History". First Watch. Archived from the original on October 7, 2017. Retrieved October 7, 2017.
  10. 1 2 Albright, Mark (March 26, 2012). "A shorter day works for First Watch". Tampa Bay Times. Archived from the original on March 7, 2016.
  11. 1 2 Hirsch, Lauren. "Advent invests in U.S. café operator First Watch Restaurants". Reuters. Retrieved March 27, 2018.
  12. ↑ Hielscher, John (December 23, 2011). "Firm buys First Watch restaurant chain". Sarasota Herald-Tribune. Archived from the original on July 4, 2018.
  13. ↑ "Restaurant Chain First Watch Revamps Coffee Program with Single-Origin Focus". Daily Coffee News by Roast Magazine. January 11, 2018. Retrieved March 27, 2018.
  14. ↑ "First Watch raises $170M in IPO". Restaurant Business. September 30, 2021.
  15. ↑ "First Watch Acquires 21 Franchise Restaurants in North Carolina".
  16. ↑ "America's Most Loved Workplaces 2024". Newsweek. October 2, 2024. Retrieved October 23, 2024.
  17. ↑ "Yelp announces the 50 most loved brands in the U.S."
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