First Watch Restaurant down as PE firm Advent exits

First Watch Restaurant

05/11/2025 22:18

**  First Watch Restaurant Group's FWRG.O shares down 2.3% in extended trading at $17.52 as private equity firm Advent International divests remaining 8.7% stake

      ** Florida-based daytime dining chain launches secondary offering of ~5.3 mln shares

      ** Citigroup sole underwriter

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

      ** Advent last offloaded 4.4 mln shares in Sept in an

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

    ** FWRG
    shares on Weds finished up 1.9% at $17.94 following 11% gain on Tues after co's Q3 rev and adj EBITDA surpassed analysts' expectations

    ** Through Weds, shares down 3.6% YTD

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

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

((lance.tupper@thomsonreuters.com))