Private equity investor firm acquires First Watch

Manatee County-based First Watch sold to Advent International, the private equity investor firm with business in more than 40 countries.

First Watch’s existing management team will continue to lead the company and retain a meaningful equity stake in the business. According to a news release, the deal is expected to close in the coming weeks. Terms of the deal were not disclosed.

Based in University Park, First Watch was founded in 1983 and has grown to more than 300 restaurants across 26 states, most in Florida, Texas, Ohio, Colorado and Arizona.

First Watch has nearly tripled its number of restaurants in recent years through organic company-owned restaurant growth, franchising and acquisitions. Last year marked 33 years of positive same-store sales growth as First Watch finished the year up 7 percent supported by positive traffic.

This story was originally published July 28, 2017 at 5:07 PM with the headline "Private equity investor firm acquires First Watch."