First Watch Restaurant Group Announces IPO

Bradenton / FL. (fwr) First Watch Restaurant Group Inc., a Daytime Dining concept serving breakfast, brunch and lunch, announced that it has officially become a publicly traded company on the Nasdaq Global Select Market under the ticker symbol «FWRG.»

First Watch is an award-winning daytime restaurant concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. Since its founding in 1983, the Company has cultivated its brand on its commitment to operational excellence, «You First» culture and a culinary mission centered around a fresh, innovative menu that is continuously evolving.

These foundational brand pillars have established First Watch as the leader in daytime dining («Daytime Dining») – an emerging restaurant segment that is differentiated from legacy segments by operating exclusively during daytime hours with a progressive, on-trend, chef-driven menu.

«We are incredibly proud of all we’ve accomplished as a brand during the past 38 years to bring us to this juncture,» said Christopher Tomasso, CEO + President. «Listing on the Nasdaq is a tremendous milestone for First Watch, and today it’s so important for us to celebrate every employee in every First Watch restaurant throughout the country for all they’ve done for each other and for our brand. They’re the reason we’re here!»

First Watch intends to use the proceeds from the proposed offering to repay borrowings outstanding under its credit facilities. BofA Securities, Goldman Sachs + Co. LLC and Jefferies LLC are acting as lead book-running managers for the offering.

Barclays Capital Inc., Citigroup Global Markets Inc., Piper Sandler + Co., Cowen and Company, LLC, Guggenheim Securities, LLC and Stifel, Nicolaus + Company, Incorporated are acting as book-running managers for the offering.

About First Watch

First Watch is an award-winning Daytime Dining restaurant concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. First Watch offers traditional favourites, such as pancakes, omelets, sandwiches and salads, alongside specialty items like the Quinoa Power Bowl®, Avocado Toast and the Chickichanga. There are more than 420 First Watch restaurants in 28 states, and the restaurant concept is majority owned by Advent International, one of the world’s largest private-equity firms.

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