Advent International successfully completed the exit from its investment in First Watch, a leading U.S. breakfast and brunch restaurant chain, after strategically developing the brand since 2017.

Target Overview

First Watch has established itself as a robust dining concept in the United States, specializing in breakfast, brunch, and lunch offerings. With a commitment to using fresh ingredients and a well-defined market positioning, First Watch has successfully captured a significant share of the market. The brand has thrived over recent years by aligning with the growing consumer trend towards high-quality, everyday dining experiences and consistent guest satisfaction.

Since its inception, First Watch has focused on delivering an exceptional dining experience, which has made it appealing to investors. The company's growth trajectory, operational efficiency, and brand strength have positioned it as one of the leading American restaurant chains in its category.

Industry Overview in the United States

The restaurant industry in the United States is highly competitive, characterized by a diverse range of dining options and rapidly changing consumer preferences. The market has seen a notable shift towards establishments th