First Watch Restaurant Group, Inc.

General Information

We are First Watch – an award-winning daytime restaurant concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. Since our founding in 1983, we have built our brand on our commitment to operational excellence, our “You First” culture and our culinary mission centered around a fresh, innovative menu that is continuously evolving. These foundational brand pillars have established First Watch as the largest and fastest-growing concept in 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. Our one shift, from 7:00 a.m. to 2:30 p.m., and one main menu enable us to optimize restaurant operations and attract and retain employees who are passionate about hospitality and drawn to our “No Night Shifts Ever” approach. This differentiation has driven high employee satisfaction and retention, and strong consumer demand and operating performance as evidenced by our 28 consecutive quarters of same-restaurant sales growth from fiscal 2013 to fiscal 2019 and positive annual same-restaurant traffic growth from fiscal 2014 to fiscal 2019, prior to the emergence of the COVID-19 pandemic. In January 2020, we were recognized as “America’s Favorite Restaurant Brand” in Market Force’s annual consumer study and as one of three industry finalists for Black Box Intelligence’s 2020 Best Practices award.

First Watch has grown from 277 restaurants in fiscal 2015 to 423 System-wide restaurants as of June 27, 2021. while increasing annual AUV (average unit volume) from $1.3 million in fiscal 2015 to $1.6 million in fiscal 2019 and achieving positive same-restaurant sales growth and traffic except for fiscal 2020.

(Note: First Watch Restaurant Group priced its IPO on Sept. 30, 2021, at $18 – below the $18.50 mid-point of its $17-to-$20 price range – and priced 9.5 million shares, the same number of shares in the prospectus, to raise $


Industry: Restaurant Chain
Employees: 9000
Founded: 1983
Contact Information
Address 8725 Pendery Place, Suite 201, Bradenton, FL 34201
Phone Number (941) 907-9800
Web Address
View Prospectus: First Watch Restaurant Group, Inc.
Financial Information
Market Cap
Revenues $490.27 mil (last 12 months)
Net Income $-16.5 mil (last 12 months)
IPO Profile
Symbol FWRG
Exchange NASDAQ
Shares (millions): 9.5
Price range $18.00 - $18.00
Est. $ Volume $170.3 mil
Manager / Joint Managers BofA Securities/ Goldman Sachs/ Jefferies/ Barclays/ Citigroup/ Piper Sandler/ Cowen and Company/ Guggenheim Securities/ Stifel
CO-Managers -
Expected To Trade: 10/1/2021
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change