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First Watch (restaurant chain)

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First Watch Restaurants, Inc.
First Watch
Company typePublic
Nasdaq: FWRG
IndustryRestaurant
GenreCasual dining
Founded1983; 41 years ago (1983), in Pacific Grove, California, U.S.
Founders
  • Ken Pendery
  • John Sullivan
Headquarters
Sarasota, Florida
,
U.S.
Number of locations
535
Area served
United States
Key people
Chris Tomasso (CEO)[1]
ProductsBreakfast platters
Lunch platters
RevenueIncrease US$891.551 million (2023)[2]
IncreaseUS$41.267 million (2023)[3]
IncreaseUS$25.385 million (2023)[4]
Total assetsIncrease US$1.267 billion (FY 2023)[5]
Total equityIncrease US$561.284 million (FY 2023)"FWRG Financials". Nasdaq. January 30, 2024.
Number of employees
14,000 (2023)
Subsidiaries
  • Egg & I Restaurants
  • Bread & Company
Websitewww.firstwatch.com

First Watch Restaurants, Inc., commonly referred to as First Watch, is an American restaurant chain based in Bradenton, Florida.[6] As of August 2024, the chain has more than 535 locations[7] in 29 states [8] and 14,000 employees.[9] First Watch is also the owner of Sun & Fork by First Watch, a fast-casual café concept located in Nashville, Tennessee.[10]

First Watch offers a variety of breakfast items marketed as being healthier than other breakfast chains.[11]

History

[edit]

The name "First Watch" is a nautical reference to the first work shift aboard a ship as First Watch restaurants are only open from 7:00 AM to 2:30 PM.[12] The first location was opened in Pacific Grove, California in 1983 by Ken Pendery and John Sullivan. The co-owners founded it after leaving the Le Peep breakfast chain in Colorado. In 1986, they moved their headquarters to Bradenton, Florida.[13]

2014-present

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In 2014, First Watch bought The Good Egg, which is located in Arizona. As of 2021, 18 of The Good Egg restaurants have been converted into First Watch restaurants.[7] In May 2015, the company acquired the Colorado-based Egg & I Restaurants chain.[7] The Egg & I has 114 eateries across twenty states.[10] Not every Egg & I Restaurant location will become a First Watch, but as of 2016, 22 conversions had been completed.

In 2012, First Watch ranked as the best breakfast chain in a survey of 150,000 Consumer Reports readers earning top ratings in taste, service, value, and menu choices.[14]

In 2017, private equity firm Advent International bought a majority stake in First Watch. Advent International bought First Watch from Freeman Spogli & Co., which obtained First Watch in 2011.[15] Freeman Spogli & Co. bought out the 85 percent stake previously held by Catterton Partners.[14] Catterton's stake was acquired in 2004 with a $35 million investment that allowed First Watch to expand in the Southeast and Midwest, doubling the number of First Watch restaurants.[16] First Watch has a large presence in Florida, Texas, Pennsylvania, Ohio, Colorado, and Arizona. First Watch and the Egg & I restaurants serve breakfast, brunch, and lunch and offer a wide variety of items.[15]

In 2018, First Watch began to source its coffee from Huila, Colombia to "support hard-working women and their families in Huila in 2018." Royal Cup Coffee, an Alabama-based coffee company, roasts the coffee.[17]

In October 2021, First Watch went public with an initial public offering raising $170 million on Nasdaq.[18]

First Watch has acquired 44 total of its previously franchised restaurants in 17 DMAs across six acquisitions since May 2023. [19]

Controversies

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First Watch has faced criticism for their weak animal welfare standards, particularly on what they allow in their pork supply chain. Animal Equality launched a campaign[20] calling on the chain to adopt a policy to limit or eliminate the use of gestation crates for pregnant pigs in First Watch's supply chain.

Awards

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First Watch is the recipient of several awards, primarily for its menu and workplace culture:

  • In 2024, First Watch was named the #1 Most Loved Workplace in America by Newsweek and the Best Practice Institute. Newsweek’s annual Most Loved Workplaces® list is determined by surveying more than 2.6 million employees from businesses with workforces varying in size from less than 50 to more than 10,000. The list recognizes companies based on employee response around satisfaction and sentiment including the level of respect, collaboration, support and sense of belonging they feel at work.[21]
  • In 2023, First Watch was named the top restaurant brand in Yelp’s inaugural list of the top 50 most-loved brands in the U.S.[22]
  • In 2023 and 2022, First Watch was named a Top 100 Most Loved Workplace® in Newsweek by the Best Practice Institute.
  • In 2022, First Watch was awarded a sought-after MenuMasters honor by Nation's Restaurant News for its seasonal Braised Short Rib Omelet and recognized with ADP's coveted Culture at Work Award.

References

[edit]
  1. ^ Klein, Danny (June 2018). "Fast-Growing First Watch Promotes Chris Tomasso to CEO". FSR.
  2. ^ "FWRG Financials". Nasdaq. January 30, 2024.
  3. ^ "FWRG Financials". Nasdaq. January 30, 2024.
  4. ^ "FWRG Financials". Nasdaq. January 30, 2024.
  5. ^ "FWRG Financials". Nasdaq. January 30, 2024.
  6. ^ "Restaurant chain First Watch announces construction of new headquarters in Manatee County". Business Observer. June 25, 2019. Retrieved October 12, 2021.
  7. ^ a b c "First Watch's bold growth move". Jax Daily Record. Jacksonville, Florida. September 11, 2017. Retrieved March 27, 2018.
  8. ^ "First Watch Restaurant Group, Inc. Reports Q2 2024 Financial Results".
  9. ^ "First Watch Restaurant Group, Inc. Reports Q2 2024 Financial Results".
  10. ^ a b Antonation, Mark (May 28, 2015). "First Watch Opens First Denver Branch, Acquires The Egg & I". Westword. Retrieved March 27, 2018.
  11. ^ "First Watch Inks Largest Franchise Agreement to Date". Food Newsfeed. February 2, 2016. Retrieved March 27, 2018.
  12. ^ "Our History". First Watch. Archived from the original on October 7, 2017. Retrieved October 7, 2017.
  13. ^ "Frequently Asked Questions". First Watch. Archived from the original on March 21, 2012.
  14. ^ a b Albright, Mark (March 26, 2012). "A shorter day works for First Watch". Tampa Bay Times. Archived from the original on March 7, 2016.
  15. ^ a b Hirsch, Lauren. "Advent invests in U.S. café operator First Watch Restaurants". Reuters. Retrieved March 27, 2018.
  16. ^ Hielscher, John (December 23, 2011). "Firm buys First Watch restaurant chain". Sarasota Herald-Tribune. Archived from the original on July 4, 2018.
  17. ^ "Restaurant Chain First Watch Revamps Coffee Program with Single-Origin Focus". Daily Coffee News by Roast Magazine. January 11, 2018. Retrieved March 27, 2018.
  18. ^ "First Watch raises $170M in IPO". Restaurant Business. September 30, 2021.
  19. ^ "First Watch Acquires 21 Franchise Restaurants in North Carolina".
  20. ^ "First Watch Allows Extreme Animal Abuse". Animal Equality. July 24, 2024. Retrieved August 13, 2024.
  21. ^ "America's Most Loved Workplaces 2024". Newsweek. October 2, 2024. Retrieved October 23, 2024.
  22. ^ "Yelp announces the 50 most loved brands in the U.S."
[edit]
  • Official website
  • Business data for First Watch Restaurant Group Inc.:
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