Daytime restaurant chain gets new investor
Private equity firm Freeman Spogli & Co. is planning to make an investment in daytime cafe chain First Watch Restaurants, according to a filing with the Federal Trade Commission. No financial terms were disclosed.
First Watch was founded 28 years ago in California, and currently operates over 100 locations in 13 states. It also has several franchised locations, and is headquartered in Bradenton, Florida with more than 2,500 total employees.
The company raised an undisclosed amount of growth financing in 2004 from consumer-focused private equity firm Catterton Partners. It is unclear if Catterton would be selling its position to Freeman Spogli, although I would assume that to be the case.
I’ve left a message with John Roth at Freeman Spogli, who is working on the deal, but he has not yet called back. I’ve also put in a call to a media rep for First Watch, while a Catterton spokesman declined comment.