Los Angeles, CA, December 23, 2011 - Freeman Spogli & Co., a leading private equity investment firm, announced today that it has invested alongside management in First Watch Restaurants, Inc., a leading operator of full service breakfast and lunch restaurants.  Financial terms of the transaction were not disclosed.  First Watch's existing management team of Ken Pendery (CEO), Ken Cruley (CFO) and Chris Tomasso (CMO) will continue to operate the Company and will retain a meaningful equity stake in the business.

About First Watch Restaurants, Inc.

Headquartered in Bradenton, Florida, First Watch is a leading operator of full service breakfast and lunch restaurants, located primarily in the Southeast, Midwest and Mid-Atlantic regions. With 82 company-owned restaurants spanning nine states and 10 franchised locations in five states, First Watch is recognized for providing healthy and hearty breakfast and lunch offerings, served in a welcoming and friendly environment.  For nearly 30 years, First Watch has specialized in the creation of traditional breakfast, brunch and lunch favorites such as pancakes, omelets, salads and sandwiches, as well as a variety of signature items, with all menu items freshly prepared to order.  First Watch has received more than 200 "Best Of" accolades in markets across the country.  For more information, visit www.firstwatch.com.  

About Freeman Spogli & Co.

Freeman Spogli & Co. is a private equity firm dedicated exclusively to investing in and partnering with management in consumer-related and distribution companies in the United States. Since its founding in 1983, Freeman Spogli has invested over $3 billion in 47 portfolio companies with aggregate transaction value of approximately $18 billion, and is currently making investments from FS Equity Partners VI, L.P.  Freeman Spogli has offices in Los Angeles and New York. For additional information, visit www.freemanspogli.com.