First Watch (restaurant chain)

First Watch Restaurants, Inc.
First Watch
Company typePublic
Nasdaq: FWRG
IndustryRestaurant
GenreCasual dining
Founded1983; 41 years ago (1983), in Pacific Grove, California, U.S.
Founders
  • Ken Pendery
  • John Sullivan
Headquarters
Sarasota, Florida
,
U.S.
Number of locations
500
Area served
United States
Key people
Chris Tomasso (CEO)[1]
ProductsBreakfast platters
Lunch platters
Subsidiaries
  • Egg & I Restaurants
  • Bread & Company
Websitewww.firstwatch.com

First Watch Restaurants, Inc., commonly referred to as First Watch, is an American restaurant chain based in Bradenton, Florida.[2] As of August 2023, the chain has more than 500 locations[3] in 29 states[citation needed] and 9,000 employees.[citation needed] First Watch is also the owner of Sun & Fork by First Watch, a fast-casual café concept located in Nashville, Tennessee.[4]

First Watch offers a variety of breakfast items marketed as being healthier than other breakfast chains.[5]

History

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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.[6] 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.[7]

2014-present

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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.[4] 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.[8]

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.[9] Freeman Spogli & Co. bought out the 85 percent stake previously held by Catterton Partners.[8] 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.[10] 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.[9]

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.[11] In October 2021, First Watch went public with an initial public offering raising $170 million on Nasdaq.[12]

The company bought back six of its franchise locations in August 2023.[13]

Controversies

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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[14] 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.

Gestation crates[15] are metal cages, only slightly larger than a pig’s own body, that confine pigs for their entire pregnancies. In these cages, the mother pig cannot even turn around. Without any form of stimulation, she may resort to biting the bars or the air. After multiple pregnancies, these pigs often become silent and immobile, a condition known in animal science as "acute social defeat." Donald Broom[16] a professor emeritus at Cambridge University, has described[17] this practice as "one of the most extreme examples of cruelty to an animal," noting that it continues throughout much of the pig's life and is far worse than severe physical abuse or most laboratory experiments.

Far from a “standard industry practice,” these crates are illegal in most developed economies and restricted or banned in 11 U.S. states, including Florida where First Watch is headquartered, and many U.S. food businesses, such as McDonald’s,[18] Jack in the Box,[19] Wendy’s,[20] Burger King,[21] Panera Bread,[22] and Shake Shack[23] have phased them out of their supply chains.

References

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  1. ^ Klein, Danny (June 2018). "Fast-Growing First Watch Promotes Chris Tomasso to CEO". FSR.
  2. ^ "Restaurant chain First Watch announces construction of new headquarters in Manatee County". Business Observer. June 25, 2019. Retrieved October 12, 2021.
  3. ^ a b c "First Watch's bold growth move". Jax Daily Record. Jacksonville, Florida. September 11, 2017. Retrieved March 27, 2018.
  4. ^ a b Antonation, Mark (May 28, 2015). "First Watch Opens First Denver Branch, Acquires The Egg & I". Westword. Retrieved March 27, 2018.
  5. ^ "First Watch Inks Largest Franchise Agreement to Date". Food Newsfeed. February 2, 2016. Retrieved March 27, 2018.
  6. ^ "Our History". First Watch. Archived from the original on October 7, 2017. Retrieved October 7, 2017.
  7. ^ "Frequently Asked Questions". First Watch. Archived from the original on March 21, 2012.
  8. ^ 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.
  9. ^ a b Hirsch, Lauren. "Advent invests in U.S. café operator First Watch Restaurants". Reuters. Retrieved March 27, 2018.
  10. ^ Hielscher, John (December 23, 2011). "Firm buys First Watch restaurant chain". Sarasota Herald-Tribune. Archived from the original on July 4, 2018.
  11. ^ "Restaurant Chain First Watch Revamps Coffee Program with Single-Origin Focus". Daily Coffee News by Roast Magazine. January 11, 2018. Retrieved March 27, 2018.
  12. ^ "First Watch raises $170M in IPO". Restaurant Business. September 30, 2021.
  13. ^ "First Watch acquires six franchise restaurants in US". MSN. August 10, 2023.
  14. ^ "First Watch Allows Extreme Animal Abuse". Animal Equality. July 24, 2024. Retrieved August 13, 2024.
  15. ^ "What Are Gestation Crates?". May 5, 2023. Retrieved August 13, 2024.
  16. ^ "Professor Donald Broom | St Catharine's College, Cambridge". www.caths.cam.ac.uk. Retrieved August 13, 2024.
  17. ^ https://www.humanesociety.org/sites/default/files/docs/hsus-expert-synopsis-gestation-crates-and-sow-welfare.pdf
  18. ^ "Animal Health & Welfare". www.mcdonalds.com. Retrieved August 13, 2024.
  19. ^ https://investors.jackinthebox.com/esg/Housing---Sows/
  20. ^ "CSR What We Value | Food | Responsible Sourcing | Pork | Gestation Stall Policy | Wendy's". www.wendys.com. Retrieved August 13, 2024.
  21. ^ https://www.rbi.com/sustainability/responsible-sourcing/animal-welfares/
  22. ^ https://www.panerabread.com/content/dam/panerabread/integrated-web-content/documents/press/2023/panera-bread-2022-responsibility-update.pdf
  23. ^ https://shakeshack.com/us-animal-welfare-policy#/
[edit]
  • Official website
  • Business data for First Watch Restaurant Group Inc.:
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