First Watch sold to Freeman

BRADENTON -- First Watch Restaurants Inc. was sold by Catterton Partners to Freeman Spogli & Co. this week. Catterton has owned First Watch since 2004. Financial terms were not disclosed.

Following the sale, First Watch's current leadership -- CEO Ken Pendery, chief financial officer Ken Cruley, and chief marketing officer Chris Tomasso -- will continue to lead the company's operations, and will retain an equity stake in the business, an official release explains.

“We believe that First Watch is uniquely positioned to continue our aggressive growth and development and look forward to doing so together with our new partners at Freeman Spogli, who have also demonstrated an ability to work with management to drive significant value,” Pendery says in a statement.

Since its founding, Freeman Spogli & Co. has invested more than $2.8 billion with 45 companies. The private equity firm, with offices in Los Angeles and New York, is currently invested in a diverse list of retailers, including PETCO Animal Supplies Inc., hhgregg Inc., Sur La Table Inc., and El Pollo Loco Inc.

First Watch Restaurants operates 92 breakfast-and-lunch eateries in 13 states, and currently plans to open 15 additional locations next year.