First Watch (restaurant chain)

First Watch Restaurants, Inc., commonly referred to as First Watch, is an American restaurant chain based in Bradenton, Florida.^[3] As of August 2024, the chain has more than 535 locations^[4] in 29 states ^[5] and 14,000 employees.^[6] First Watch is also the owner of Sun & Fork by First Watch, a fast-casual café concept located in Nashville, Tennessee.^[7]

First Watch Restaurants, Inc.

First Watch in Knoxville, Tennessee
Trade name	First Watch
Company type	Public
Traded as	Nasdaq: FWRG
Industry	Restaurant
Genre	Casual dining
Founded	1983; 42 years ago (1983), in Pacific Grove, California, U.S.
Founders	Ken Pendery John Sullivan
Headquarters	Bradenton, Florida , U.S.
Number of locations	535
Area served	United States
Key people	Chris Tomasso (CEO)[1]
Products	Breakfast platters Lunch platters
Revenue	US$891.551 million (2023)[2]
Operating income	US$41.267 million (2023)[2]
Net income	US$25.385 million (2023)[2]
Total assets	US$1.267 billion (FY 2023)[2]
Total equity	US$561.284 million (FY 2023)[2]
Number of employees	14,000 (2023)
Subsidiaries	Egg & I Restaurants Bread & Company
Website	www.firstwatch.com

First Watch offers a variety of breakfast items marketed as being healthier than other breakfast chains.^[8]

History

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.^[9] 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.^[10]

2014-present

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.^[4] In May 2015, the company acquired the Colorado-based Egg & I Restaurants chain.^[4] The Egg & I has 114 eateries across twenty states.^[7] 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.^[11]

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.^[12] Freeman Spogli & Co. bought out the 85 percent stake previously held by Catterton Partners.^[11] 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.^[13] 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.^[12]

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.^[14]

In October 2021, First Watch went public with an initial public offering, raising $170 million on Nasdaq.^[15]

First Watch has acquired 44 total of its previously franchised restaurants in 17 DMAs across six acquisitions since May 2023.^[16]

Controversies

First Watch has faced criticism for its weak animal welfare standards, particularly on what they allow in their pork supply chain. Animal Equality launched a campaign^[17] 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

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.^[18]
• 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.^[19]
• 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 MenuMasters honor by Nation's Restaurant News for its seasonal Braised Short Rib Omelet and recognized with ADP's Culture at Work Award.