First Watch Restaurant falls after PE sponsor Advent carves holdings

First Watch Restaurant

07/08/2025 15:02

**  Shares of First Watch Restaurant Group FWRG.O down 5.4% to $17.82 early Thurs, on course to snap 3-session winning streak, after secondary offering priced

    ** Bradenton, Florida-based daytime dining chain late Weds said private equity firm
    Advent International to sell 5 mln shares

    **
    Offering priced at $17.90, per thefly.com, representing 4.9% discount to stock's last close

    ** Barclays and
    Goldman Sachs are the underwriters on the offering

** Prior to the offering, Advent owned ~14.7 mln shares, or ~24% of FWRG's ~61 mln shares outstanding, per LSEG data

** With move on Thurs, stock down nearly 5% YTD

** Before the bell on Tues, FWRG said Q2 rev increased 19% y/y to ~$308 mln on same-restaurant sales growth of 3.5%, topping analysts' expectations

** 10 of 11 analysts rate FWRG "strong buy" or "buy", 1 rates "hold" and median PT is $22 - LSEG

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

((lance.tupper@thomsonreuters.com))