First Watch (restaurant chain)
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 First Watch in Knoxville, Tennessee | |
| First Watch | |
| Company type | Public |
| Nasdaq: FWRG | |
| Industry | Restaurant |
| Genre | Casual dining |
| Founded | 1983, in Pacific Grove, California, U.S. |
| Founders |
|
| Headquarters | , U.S. |
Number of locations | 535 |
Area served | United States |
Key people | Chris Tomasso (CEO)[1] |
| Products | Breakfast platters Lunch platters |
| Subsidiaries |
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| Website | www |
 | This article contains content that is written like an advertisement. (January 2024) |
First Watch Restaurants, Inc., commonly referred to as First Watch, is an American restaurant chain based in Bradenton, Florida.[2] As of August 2024, the chain has more than 535 locations[3] in 29 states [4] and 14,000 employees.[5] First Watch is also the owner of Sun & Fork by First Watch, a fast-casual café concept located in Nashville, Tennessee.[6]
First Watch offers a variety of breakfast items marketed as being healthier than other breakfast chains.[7]
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.[8] 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.[9]
2014-present
[edit]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.[3] In May 2015, the company acquired the Colorado-based Egg & I Restaurants chain.[3] The Egg & I has 114 eateries across twenty states.[6] 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.[10]
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.[11] Freeman Spogli & Co. bought out the 85 percent stake previously held by Catterton Partners.[10] 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.[12] 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.[11]
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.[13] In October 2021, First Watch went public with an initial public offering raising $170 million on Nasdaq.[14]
First Watch has acquired 44 total of its previously franchised restaurants in 17 DMAs across six acquisitions since May 2023. [15]
Controversies
[edit]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[16] 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
[edit]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.[17] 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, recognized with ADP's coveted Culture at Work Award.
References
[edit]- ^ Klein, Danny (June 2018). "Fast-Growing First Watch Promotes Chris Tomasso to CEO". FSR.
- ^ "Restaurant chain First Watch announces construction of new headquarters in Manatee County". Business Observer. June 25, 2019. Retrieved October 12, 2021.
- ^ a b c "First Watch's bold growth move". Jax Daily Record. Jacksonville, Florida. September 11, 2017. Retrieved March 27, 2018.
- ^ "First Watch Restaurant Group, Inc. Reports Q2 2024 Financial Results".
- ^ "First Watch Restaurant Group, Inc. Reports Q2 2024 Financial Results".
- ^ a b Antonation, Mark (May 28, 2015). "First Watch Opens First Denver Branch, Acquires The Egg & I". Westword. Retrieved March 27, 2018.
- ^ "First Watch Inks Largest Franchise Agreement to Date". Food Newsfeed. February 2, 2016. Retrieved March 27, 2018.
- ^ "Our History". First Watch. Archived from the original on October 7, 2017. Retrieved October 7, 2017.
- ^ "Frequently Asked Questions". First Watch. Archived from the original on March 21, 2012.
- ^ 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.
- ^ a b Hirsch, Lauren. "Advent invests in U.S. café operator First Watch Restaurants". Reuters. Retrieved March 27, 2018.
- ^ Hielscher, John (December 23, 2011). "Firm buys First Watch restaurant chain". Sarasota Herald-Tribune. Archived from the original on July 4, 2018.
- ^ "Restaurant Chain First Watch Revamps Coffee Program with Single-Origin Focus". Daily Coffee News by Roast Magazine. January 11, 2018. Retrieved March 27, 2018.
- ^ "First Watch raises $170M in IPO". Restaurant Business. September 30, 2021.
- ^ "First Watch Acquires 21 Franchise Restaurants in North Carolina".
- ^ "First Watch Allows Extreme Animal Abuse". Animal Equality. July 24, 2024. Retrieved August 13, 2024.
- ^ "Yelp announces the 50 most loved brands in the U.S."
External links
[edit]- Official website
- Business data for First Watch Restaurant Group Inc.: