News & Announcements

Weil Advises First Watch and Advent International on $165.53M Block Trade

Weil advised First Watch Restaurant Group, Inc. and funds affiliated with Advent International, L.P., as selling stockholders, in a $165.53 million block trade of 6,900,000 shares (including full exercise of the underwriter’s option to purchase up to 900,000 additional shares) of First Watch’s common stock sold by funds affiliated with Advent International, L.P. The offering consisted entirely of secondary shares sold by the selling stockholder, who received all of the proceeds from the offering. The transaction priced on March 7, 2024 and closed on March 12, 2024.

First Watch, a portfolio company of Advent International, L.P., is an award-winning Daytime Dining concept serving made-to-order breakfast, brunch and lunch using fresh ingredients across its network of 520 First Watch restaurants in 29 states.

The Weil team was led by Capital Markets Head Alex Lynch and partner Ashley Butler and included associates Eloise Rotenberg, Amanda Soled and Yuki Zhang, as well as Public Company Advisory Group Co-Head Lyuba Goltser and counsel Alicia Alterbaum.