PE firm buys 2 breakfast-lunch chains

First Watch Daytime Cafe

A controlling interest in the First Watch and The Egg & I daytime restaurant chains has been acquired by the private-equity firm Advent International from another investment concern, Freeman Spogli & Co. Terms were not disclosed.

The acquired concern, First Watch Restaurants, also owns the Nashville concept Bread & Company.

The company’s main brands, 200-store First Watch and 90-unit The Egg & I, both offer only breakfast, lunch and dinner. The restaurants typically operate from 7 a.m. to 2:30 p.m. daily.

In announcing the deal, Advent said the chains’ current management would remain in place and would hold a “meaningful” equity stake.

Advent’s other investments include The Coffee Bean & Tea Leaf. 

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