First Watch(Link opens in new window)
Partnering to Build a Leading, Multi-Regional Operator of Daytime Cafes
Based in University Park, Florida, First Watch is a leading operator of full-service breakfast, lunch and brunch restaurants located primarily in the Southeast, West, Midwest and Mid-Atlantic regions. Founded in 1983, First Watch provides healthy and hearty meals in a welcoming and friendly environment.
During Freeman Spogli's hold period from 2011 to 2017, First Watch executed an aggressive growth plan, nearly tripling its total number of restaurants through organic company-owned restaurant growth, franchising and acquisitions. In addition to significant organizational development, First Watch also made operational improvements, revamped its menu and converted most of its restaurants to contemporary décor.
First Watch was taken public in October 2021 and trades under the ticker NASDAQ: FWRG.
Healthy and hearty menu and a customer-centric philosophy drive high NPS scores and loyalty
Restaurant Count
Increase in Average Unit Volume
EBITDA Expansion
Consecutive Quarters of SSS Growth
At Time of Investment to Exit
Restaurant Unit Growth and Geographic Expansion
Executed a strong unit expansion plan, nearly tripling the total number of restaurants through organic company-owned restaurant growth, franchising and acquisitions.
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Attractive New Store Prototype
Introduced "Urban Farm" prototype and refreshed units chainwide for a unified brand experience
Differentiated and Innovative Menu
Hired a Corporate Chef to lead culinary strategy and introduced new items such as fresh juices, avocado toast, salmon, kale salad and other items made from fresh ingredients.
Restaurant Unit Growth and Geographic Expansion
Executed a strong unit expansion plan, nearly tripling the total number of restaurants through organic company-owned restaurant growth, franchising and acquisitions.
“Throughout our partnership with Freeman Spogli, First Watch achieved fantastic results, including 26 consecutive quarters of positive same-store sales. This success was driven by strategic collaboration that leveraged Freeman Spogli’s expertise in scaling multi-unit consumer brands and our shared commitment to delivering exceptional value to our customers. Together, we built the foundation for our ongoing long-term growth and market leadership.”
The above Testimonials/Endorsements (“Endorsements”) were provided by executives of FS portfolio companies, some of whom are current investors of FS. No compensation, either directly or indirectly, was provided in exchange for such Endorsements. There is a potential conflict of interest in a portfolio company executive providing an Endorsement, as an investment in any FS fund may indirectly benefit such portfolio company. None of the above should be construed as advice or solicitation to buy or sell any securities nor as advice with respect to tax, legal or accounting matters.