First Watch Restaurant Group, Inc. Unveils New Stock Offering
First Watch Restaurant Group, Inc. Announces Stock Offering
First Watch Restaurant Group, Inc. (“FWRG” or the “Company”) (NASDAQ: FWRG), a top contender in Daytime Dining, is excited to unveil the initiation of an underwritten secondary offering. This offering, organized by select funds managed by Advent International, L.P. (the “Selling Stockholders”), involves 5,000,000 shares of the Company’s common stock.
Details of the Offering
The entire profit from this offering will go directly to the Selling Stockholders. Importantly, First Watch will not be selling any of its shares and will not derive any financial benefit from this offering.
With industry giants like Barclays and Goldman Sachs & Co. LLC taking on the role of underwriters, the shares will be available for purchase through various platforms, including the Nasdaq Global Select Market and the over-the-counter market. The transaction mode will adapt to market conditions, ensuring competitive pricing related to prevailing market values.
Understanding the Registration Details
This offering is being conducted under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). This means that interested investors should review the provided prospectus, which outlines the offering in detail, alongside other important documents filed by the Company.
To facilitate access, prospective investors can obtain copies of the free writing prospectus and the related prospectus supplement from Barclays Capital Inc. or Goldman Sachs & Co. LLC. For more thorough information, interested parties should consult the EDGAR database on the SEC's website.
Caution on Investment Risks
This announcement is not intended as a solicitation to purchase shares. Interested investors are advised to be aware of the potential risks associated with investing in the Company. These risks encompass fluctuations in consumer preferences, economic conditions, competition in the casual dining sector, and operational challenges that could affect profitability.
Furthermore, the Company's dependence on its unique dining model and ability to successfully expand into new markets poses additional uncertainties. Therefore, it is prudent for investors to consider these aspects meticulously.
About First Watch Restaurant Group, Inc.
First Watch is celebrated for its unique Daytime Dining concept, specializing in made-to-order breakfast, brunch, and lunch. The Company prides itself on utilizing fresh ingredients while adhering to its “Follow the Sun” culinary philosophy, rotating its chef-driven menu every season to highlight premium ingredients in classic dishes. Signature offerings include the popular Kale Tonic and million-dollar bacon, along with standout items like Lemon Ricotta Pancakes and the Quinoa Power Bowl.
Moreover, First Watch's commitment to community service is reflected in its initiative to donate a portion of proceeds from every kid’s meal to charitable organizations, boasting contributions exceeding $1.7 million to date. The restaurant has also gained recognition through numerous awards for being the “Best Breakfast” and “Best Brunch” in various local domains, landing it on Newsweek’s list of America’s Most Loved Workplaces for 2024, an honor it has received consecutively in previous years as well.
Contact Information for Investors and Media
Investor Relations Contact:
Steven L. Marotta
941-500-1918
investors@firstwatch.com
Media Relations Contact:
Jenni Glester
407-864-5823
jglester@firstwatch.com
Frequently Asked Questions
What is the purpose of the secondary offering?
The secondary offering allows Selling Stockholders to liquidate their holdings, while the Company itself will not receive any proceeds from it.
Who are the underwriters for the offering?
Barclays and Goldman Sachs & Co. LLC are serving as the underwriters for this offering.
How can investors find more information regarding the offering?
Investors can access the prospectus and additional details through the SEC’s EDGAR database or by contacting the underwriters directly.
What business does First Watch focus on?
First Watch specializes in Daytime Dining, offering made-to-order breakfast, brunch, and lunch, with a strong focus on quality and fresh ingredients.
What contributions does First Watch make to the community?
For every kid’s meal sold, First Watch donates a portion to various charitable organizations, totaling over $1.7 million in donations so far.
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