First Watch Restaurant Group, Inc. Announces IPO | Business
BRADENTON, Fla., Oct. 01, 2021 (GLOBE NEWSWIRE) – First Watch Restaurant Group, Inc. (“First Watch” or “the Company”), the concept of daytime dining serving breakfast, brunch and lunch , today announced that it has officially become a publicly traded company on the NASDAQ Global Select Market under the symbol “FWRG”.
First Watch is an award-winning day restaurant concept serving breakfast, brunch and lunch to order made with fresh ingredients. Since its founding in 1983, the company has cultivated its brand on its commitment to operational excellence, the “You First” culture and a culinary mission centered around a fresh and innovative menu in constant evolution.
These fundamental brand pillars have made First Watch the leader in Daytime Dining – an emerging restaurant segment that differentiates itself from traditional segments by operating exclusively during the day with a progressive and trendy menu led by a chief.
“We are incredibly proud of all that we have accomplished as a brand over the past 38 years to get us to this point,” said Christopher Tomasso, CEO and President. “Nasdaq listing is a big milestone for First Watch, and today it’s so important for us to celebrate every employee at every First Watch restaurant across the country for all they’ve done for each other. others and for our brand. They are the reason we are here!
First Watch intends to use the proceeds of the proposed offering to repay outstanding borrowings under its credit facilities. BofA Securities, Goldman Sachs & Co. LLC and Jefferies LLC are acting as the primary book managers for the offering.
Barclays Capital Inc., Citigroup Global Markets Inc., Piper Sandler & Co., Cowen and Company, LLC, Guggenheim Securities, LLC and Stifel, Nicolaus & Company, Incorporated are acting as book managers for the offering.
About the first watch
First Watch is an award-winning Daytime Dining concept restaurant serving breakfast, brunch and lunch to order made with fresh ingredients. First Watch offers traditional dishes, such as pancakes, omelets, sandwiches and salads, as well as specialties such as Quinoa Power Bowl®, Avocado Toast and Chickichanga. There are more than 420 First Watch restaurants in 28 states, and the restaurant concept is majority owned by Advent International, one of the world’s largest private equity firms.
This press release contains forward-looking statements, including, but not limited to, statements regarding the conditions of our industry and our operations, our performance and our financial condition, including in particular, statements relating to our business, our growth strategies, product development efforts and future spending. All statements about First Watch other than statements of historical fact or relating to present facts or current conditions included in this press release are forward-looking statements. Forward-looking statements may be identified by words such as “anticipates”, “intends”, “plans”, “seeks”, “believes”, “believes”, “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the prospects of our future business and financial performance.
The forward-looking statements contained in this press release are based on our current expectations and assumptions about our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Therefore, our actual results may differ materially from those contemplated by forward-looking statements. Important factors that could cause actual results to differ materially from forward-looking statements include the following: adverse effects from the COVID-19 pandemic or other infectious diseases; our vulnerability to changes in economic conditions and consumer preferences; our inability to successfully open new restaurants or establish new markets; our inability to effectively manage our growth; the potential negative impacts on sales in our restaurants and those of our franchisees following the opening of new restaurants; a decrease in the number of visitors to any of the retail centers, lifestyle centers or entertainment centers where our restaurants are located; lower than expected comparable restaurant sales growth; unsuccessful marketing programs and new limited time offers; changes in the cost of food; the non-profitability or closure of new restaurants or poorer performance than existing restaurants; our inability to compete effectively for customers; the unsuccessful financial performance of our franchisees; our limited control over the operations of our franchisees; our inability to maintain good relationships with our franchisees; conflicts of interest with our franchisees; the geographic concentration of our system-wide restaurant base in the Southeastern United States; damage to our reputation and negative publicity; our inability or failure to recognize, respond to and effectively manage the accelerated impact of social media; our limited number of suppliers and distributors for many of our frequently used ingredients; computer system failures or breaches of the security of our network; our failure to comply with federal and state laws and regulations relating to privacy, data protection, advertising and consumer protection, or the extension of current laws or regulations or the enactment of new laws or privacy, data protection, advertising and consumer protection regulations; our potential liability with our gift cards under the property laws of certain states; our inability to enforce and maintain our trademarks and to protect our other intellectual property; disputes over intellectual property assets; our dependence on our officers and certain other key employees; our inability to identify qualified people for our workforce; our inability to obtain or properly verify the employment eligibility of our employees; our inability to maintain our corporate culture as we grow; organizing activities among our employees; employment and labor law procedures; labor shortages or increased labor costs or health care costs; risks linked to the rental of real estate subject to long-term and non-cancellable leases; risks associated with our sale of alcoholic beverages; costly and complex compliance with federal, state and local laws; changes in accounting principles applicable to us; our vulnerability to natural disasters, unusual weather conditions, pandemic epidemics, political events, war and terrorism; our inability to raise additional capital to support the growth of the business; our level of debt; non-compliance with covenants under our credit facility; and the interests of our majority shareholder may differ from those of public shareholders. Other factors or events that could cause our actual performance to differ from these forward-looking statements may occur from time to time, and we cannot predict all of them. These factors include, but are not limited to, those described under “Risk Factors” in First Watch’s registration statement relating to the Offer. If one or more of these risks or uncertainties materialize, or if any of our assumptions prove to be incorrect, our actual financial position, results of operations, future performance and business may differ significantly from projected performance. in these forward-looking statements.
Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. First Watch assumes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. The insurers and their affiliates (collectively, the “insurers”) have made no inquiry into the information contained in this press release, and the insurers and First Watch expressly disclaim all liability for any statements, express or implied, contained in , or for omissions in this press release or any other written or oral communication to any interested party as part of its assessment of First Watch. Only specific representations and warranties which may be made by First Watch in a final written agreement, when and if such agreement is executed, and subject to any limitations and restrictions which may be specified in such agreement, shall have legal effect. Certain information in this press release was obtained from sources outside of First Watch. Although this information is believed to be reliable for the purposes used in this document, neither First Watch nor any of its affiliates, directors, officers, members, employees, agents or advisers assumes responsibility for the accuracy of this information.
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