First Watch Restaurant Group, Inc. Announces IPO Price | New

BRADENTON, Fla., September 30, 2021 (GLOBE NEWSWIRE) – First Watch Restaurant Group, Inc. (“First Watch” or “the Company”), the concept of daytime dining serving breakfast, brunch and lunch, today announced the price of its initial public offering of 9,459,000 common shares at a public price of $ 18.00 per share. In addition, the Company has granted the underwriters a 30 day option to purchase up to 1,418,850 additional common shares at the initial public offering price, less bought deal discounts and commissions.

The shares are expected to begin trading on the NASDAQ Global Select Market on October 1, 2021, under the symbol “FWRG”. The initial public offering is expected to close on October 5, 2021, subject to the satisfaction of customary closing conditions. First Watch intends to use the proceeds of the proposed offering to repay outstanding borrowings under its credit facilities.

BofA Securities, Goldman Sachs & Co. LLC and Jefferies LLC are acting as principal bookkeepers for the offering.

Barclays Capital Inc., Citigroup Global Markets Inc., Piper Sandler & Co., Cowen and Company, LLC, Guggenheim Securities, LLC and Stifel, Nicolaus & Company, Incorporated are acting as book managers for the offering.

Telsey Advisory Group LLC acts as co-manager of the offer.

The offer is made only by means of a prospectus. When available, copies of the final prospectus relating to the Offer may be obtained from the Securities and Exchange Commission (the “SEC”) at www.sec.gov, and may be obtained from the following addresses :

BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus—requests@bofa.com.Goldman Sachs & Co LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, or by email at prospectus-ny@ny.email.gs.com or by phone at 1-866-471-2526.Jefferies LLC , Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by email at prospectus—department@Jefferies.com or by phone at 1-877-821-7388.

A registration statement on Form S-1 relating to the securities sold under the initial public offering was declared effective by the SEC on September 30, 2021. This press release does not constitute an offer to sell or the solicitation of ” an offer to buy such securities, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the laws of the securities of such a state or jurisdiction.

About First Watch First Watch is an award-winning Daytime Dining concept restaurant that serves breakfast, brunch and lunch to order made with fresh ingredients. First Watch offers traditional dishes, such as pancakes, omelets, sandwiches and salads, as well as specialties such as Quinoa Power Bowl®, Avocado Toast and Chickichanga. There are more than 420 First Watch restaurants in 28 states, and the restaurant concept is majority owned by Advent International, one of the world’s largest private equity firms.

Forward-looking statements This press release contains forward-looking statements, including, without limitation, statements regarding the conditions of our industry and our operations, our performance and our financial condition, including in particular, statements relating to our business. , growth strategies, product development efforts and future expenses. All statements about First Watch other than statements of historical fact or relating to present facts or current conditions included in this press release are forward-looking statements. Forward-looking statements may be identified by words such as “anticipates”, “intends”, “plans”, “seeks”, “believes”, “believes”, “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance.

The forward-looking statements contained in this press release are based on our current expectations and assumptions about our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Accordingly, our actual results may differ materially from those contemplated by forward-looking statements. Important factors that could cause actual results to differ materially from forward-looking statements are: adverse effects from the COVID-19 pandemic or other infectious diseases; our vulnerability to changes in economic conditions and consumer preferences; our inability to successfully open new restaurants or establish new markets; our inability to effectively manage our growth; the potential negative impacts on sales in our restaurants and those of our franchisees following the opening of new restaurants; a decrease in the number of visitors to any of the retail centers, lifestyle centers or entertainment centers where our restaurants are located; lower than expected comparable restaurant sales growth; unsuccessful marketing programs and new limited time offers; changes in the cost of food; the non-profitability or closure of new restaurants or poor performance than existing restaurants; our inability to compete effectively for customers; the unsuccessful financial performance of our franchisees; our limited control over the operations of our franchisees; our inability to maintain good relationships with our franchisees; conflicts of interest with our franchisees; the geographic concentration of our system-wide restaurant base in the Southeastern United States; damage to our reputation and negative publicity; our inability or failure to recognize, respond to and effectively manage the accelerated impact of social media; our limited number of suppliers and distributors for many of our frequently used ingredients; computer system failures or breaches of the security of our network; our failure to comply with federal and state laws and regulations relating to privacy, data protection, advertising and consumer protection, or the extension of current laws or regulations or the adoption of new ones laws or regulations relating to privacy, data protection, advertising and consumer protection; our potential liability with our gift cards under the property laws of certain states; our inability to enforce and maintain our trademarks and to protect our other intellectual property; disputes over intellectual property assets; our dependence on our officers and certain other key employees; our inability to identify qualified people for our workforce; our inability to obtain or properly verify the employment eligibility of our employees; our inability to maintain our corporate culture as we grow; organizing activities among our employees; employment and labor law procedures; labor shortages or increased labor costs or health care costs; risks linked to the rental of real estate subject to long-term and non-cancellable leases; risks associated with our sale of alcoholic beverages; costly and complex compliance with federal, state and local laws; changes in accounting principles applicable to us; our vulnerability to natural disasters, unusual weather conditions, epidemics, political events, war and terrorism; our inability to raise additional capital to support the growth of the business; our level of debt; non-compliance with covenants under our credit facility; and the interests of our majority shareholder may differ from those of public shareholders. Other factors or events that could cause our actual performance to differ from these forward-looking statements may occur from time to time, and we cannot predict all of them. These factors include, but are not limited to, those described under “Risk Factors” in First Watch’s registration statement relating to the Offer. If one or more of these risks or uncertainties materialize, or if any of our assumptions prove to be incorrect, our actual financial position, results of operations, future performance and business may differ significantly from projected performance. in these forward-looking statements.

Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. First Watch assumes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. The insurers and their affiliates (collectively, the “insurers”) have made no inquiry into the information contained in this press release, and the insurers and First Watch expressly disclaim all liability for any statements, express or implied, contained in , or for omissions in this press release or any other written or oral communication to any interested party as part of its assessment of First Watch. Only specific representations and warranties which may be made by First Watch in a final written agreement, when and if such agreement is executed, and subject to any limitations and restrictions which may be specified in such agreement, shall have legal effect. Certain information in this press release was obtained from sources outside of First Watch. Although this information is believed to be reliable for the purposes used in this document, neither First Watch nor any of its affiliates, directors, officers, members, employees, agents or advisers assumes responsibility for the accuracy of this information.

Investor Relations Contact: Raphael Gross 203.682.8253 investors@firstwatch.com

Media Relations Contact: FirstWatch@icrinc.com