First Watch Restaurant falls as PE firm Advent exits in $95 mln secondary offering

CCC Intelligent Solutions Holdings

06/11/2025 16:42

**  First Watch Restaurant Group's FWRG.O shares down 1.5% at $17.67 on Thurs as private equity firm Advent International divests remaining 8.7% stake

      ** Florida-based daytime dining chain late Weds launched s

      econdary offering of ~5.3 mln shares with

      Citigroup as sole underwriter

      ** Offering priced at $17.94, thefly.com reported, matching the stock's last close

      ** FWRG has ~61 mln shares outstanding, the filing shows

      ** Advent last offloaded 4.4 mln shares in Sept

      unregistered block priced at $17.80, which was handled by BofA

    ** FWRG
    shares on Weds rose nearly 2% following 11% gain on Tues after co's Q3 rev and adj EBITDA surpassed analysts' expectations

    ** With the move on the session, shares down 5% YTD

** Avg rating among 11 analysts is "buy" and median PT is $22, per LSEG data

** Separately, Advent on Weds also divested its remaining holdings in insurance IT firm CCC Intelligent Solutions CCC.O via a $291 mln secondary offering

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com))