First Watch Restaurant slides as PE sponsor Advent continues selldown

First Watch Restaurant

09/06/2023 14:42

** First Watch Restaurant Group Inc's  FWRG.O  shares drop
5.0% to $16.79 and on track for biggest daily pct fall this year
on secondary offering
    ** Daytime dining chain late Thurs announced 3 mln shares to
be sold by Advent International with Jefferies as sole
underwriter
    ** Sources say offering priced at $16.75, 5.2% discount to
stock's Thurs close
    ** On May 16, PE firm Advent sold ~4 mln FWRG shares
(including full exercise of over-allotment option) in secondary
offering priced at $15.75, cutting its stake to about 63%
    ** First Watch has ~59.4 mln shares outstanding
    ** With move on the session, FWRG up ~24% YTD 

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))