The amount of the deal was not disclosed. Following the deal, First Watch’s existing management team will continue to lead the company and will retain a meaningful equity stake in the business. The transaction is expected to close in the coming weeks.
The investment will support First Watch’s growth through continued restaurant expansion, increased awareness and operational initiatives.
Founded in 1983 in Pacific Grove, CA, and led by Kenneth L. Pendery Jr., Chief Executive Officer, First Watch operates full-service daytime cafés under the First Watch and The Egg & I brands. The restaurants serve breakfast, brunch and lunch from 7 a.m. to 2:30 p.m., seven days a week. The company provides customers with a farm-to-table experience through a variety of offerings, with a focus on fresh ingredients.
First Watch currently has more than 300 locations across 26 states, predominantly in Florida, Texas, Ohio, Colorado and Arizona.