First Watch Restaurant dips as PE sponsor Advent reduces stake

Sovos Brands

16/05/2023 17:33

** Shares of First Watch Restaurant Group Inc  FWRG.O  down
2.6% at $16.65 after secondary offering
    ** Daytime dining chain late Mon announced launch of 3.5 mln
shares to be sold by Advent International Corp with Jefferies as
sole underwriter
    ** Market sources say offering priced at $15.75, 7.8%
discount to stock's last sale on Mon
    ** PE firm Advent is biggest FWRG holder with 70% stake, or
~41.6 mln shares, prior to offering, per Refinitiv
    ** Advent also top holder of Sovos Brands Inc  SOVO.O ,
which priced 10 mln share secondary offering early Tues at
$17.50, 6.1% discount to its stock's last close
    ** Advent, which was not named in the Rao's pasta sauce
parent's press release, owned ~53.76 mln shares for ~53% stake
before the offering, per Refinitiv
    ** SOVO's shares recently down 5.5% at $17.61 on the session
    ** Including move on Tues, FWRG's stock up 23% and SOVO's
shares up ~22% 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))