First Watch is a restaurant chain based in University Park, FL. The headquarters are located at 8027 Cooper Creek Blvd in University Park, FL. The 6,000 employees that are employed by First Watch are spread among the more than 200 locations across 26 states. The first was opened in Pacific Grove, California in 1983 by Ken Pendery and John Sullivan. They moved the business to Bradenton, FL in 1986. First Watch restaurants are named for the nautical terminology that refers to the first shift of the day. They cofounded it after leaving the Le Peep breakfast chain in Colorado. Since January 1, 2016, Kenneth L Pendry Jr. has been the CEO. The President of First Watch is Christopher A. Tomasso, the Chief Financial Officer is Paul Hineman, the Chief Operating Officer is Richard M. Akman, and the Director of Brand is Kevin Hall. First Watch restaurants are only open between 7am-2:30pm.
In 2016, the restaurant chain made $243 million in revenue. The Colorado-based Egg & I Restaurants were bought by First Watch in May 2015. The Egg & I has 114 eateries across twenty states. Not every Egg & I Restaurant location will become a First Watch, but as of 2016, 22 conversions had been completed. In 2014, First Watch bought The Good Egg, which is located in Arizona. 18 of The Good Egg restaurants have been converted into First Watch restaurants. Additionally, First Watch owns Bread & Company, a bakery and cafe located in Nashville, Tennessee.
Advent International, a private equity firm, bought a majority stake in First Watch in 2017. Advent International valued the restaurant chain between $300 million and $500 million. Advent International bought First Watch from Freeman Spogli & Co, which obtained First Watch in 2011. Freeman Spogli & Co. bought out the 85 percent stake previously held by Catterton Partners. 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. First Watch has a large presence in Florida, Texas, Ohio, Colorado, and Arizona. First Watch and the Egg & I restaurants serve breakfast, brunch, and lunch and offer a wide variety of items.
In 2016, Mac Haik Enterprises agreed to an exclusive franchise development agreement with First Watch to develop 18 restaurants in Southeastern Texas and Southwestern Louisiana. First Watch offers menu items such as Avocado Toast, Smoked Salmon Eggs Benedict, Farm Stand Breakfast Tacos, Lemon Ricotta Pancakes, and a Fresh Juice Bar.
In 2018, First Watch began to source its coffee from Huila, Colombia. The company calls this Project Sunrise, and the single-origin coffee is grown from a group of women living in Colombia. First Watch chose to change their coffee source because they want to, "Support these hard-working women and their families in Huila in 2018." Royal Cup Coffee, an Alabama-based coffee company, roasts the coffee.
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.
Video First Watch (restaurant chain)
References
Source of the article : Wikipedia
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