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First
Watch Restaurants, Inc. Acquires The Egg & I Restaurants
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The new restaurant
is one of eight
planned First
Watch restaurants along the Front Range
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Bradenton,
FL – June 2015 / Newsmaker Alert / First
Watch Restaurants, the country’s leading breakfast, brunch and lunch
concept, announced today that it has acquired 114-unit Centennial, Co.-based
The
Egg & I Restaurants. The transaction positions First Watch as the
nation’s largest and fastest-growing breakfast, brunch and lunch restaurant
company with 267 restaurants in 26 states and a combined 18 under development
in 2015. Terms of the deal were not announced.
The
acquisition is significant as the combined organization immediately becomes
the leading player in the breakfast category, which is the fastest-growing
segment in the restaurant industry – continually out-pacing all other segments.
Currently,
First Watch operates or franchises 153 restaurants in 17 states while The
Egg & I operates or franchises 114 restaurants in 20 states. Both concepts
boast a blend of company-owned and franchised restaurants.
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The
move furthers the accelerated growth that First Watch has experienced over
the past few years, which has been achieved through a combination of opening
new company-owned restaurants, franchised restaurant openings and select
tuck-in acquisitions.
“The
Egg & I is a wonderful concept with a loyal following that has experienced
tremendous growth – particularly over the past several years,” said First
Watch President and CEO Ken Pendery. “We saw this acquisition as an opportunity
to expand our presence in markets where we don’t currently operate. We
look forward to working with Don Lamb, his team and the The Egg & I
franchisees to build upon the success they have already achieved.”
“This
partnership with First Watch not only allows us to create the largest restaurant
company in the breakfast, brunch and lunch category, but it also provides
an opportunity to combine the incredible strengths of these two leading
brands, creating a better guest experience than ever before,” said Don
Lamb, President and CEO of The Egg & I. “I had the chance to spend
quite a bit of time with First Watch CEO Ken Pendery and his executive
team, and I have no doubt that we will work well together.”
About
The Egg & I
The
Egg & I was founded in 1987 and is known for its comfortable and friendly
experience that features outstanding food in a place that feels like home.
The majority of The Egg & I Restaurants are open from 6:00 a.m. until
2:00 p.m. on weekdays and from 7:00 a.m. to 2:30 p.m. on weekends. Private
meeting rooms are available at most locations. Technomic, the leading research
firm serving the food industry, ranked The Egg & I Restaurants the
twelfth fastest growing chain in the U.S. and the third fastest growing
full-service restaurant. FSR magazine recently ranked the brand among the
top franchise values in the U.S. today. For further information, visit
TheEggandIRestaurants.com.
About
First Watch
First
Watch specializes in award-winning, made-to-order Breakfast, Brunch and
Lunch. A recipient of more than 200 “Best Breakfast” and “Best Brunch”
accolades, First Watch offers traditional favorites, such as omelets, pancakes,
sandwiches and salads, and unique specialty items like Quinoa Power Bowls
and the Chickichanga. Just recently, First Watch was named a 2015 Top Consumer
Pick by Nation’s Restaurant News and has received other recognition including
being named a 2013 “Next 20? Emerging Brand by Nation’s Restaurant News
and a 2014 Top Franchise Value by FSR Magazine. First Watch is the largest
and fastest-growing daytime-only restaurant concept in the U.S. with more
than 130 restaurants in 17 states. It also operates 20 restaurants under
The Good Egg name and one Bread & Company restaurant in Nashville (with
another one under construction) in addition to the newly acquired 114 The
Egg & I restaurants. For more information, follow First Watch on Twitter,
like it on Facebook and
visit www.firstwatch.com.
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Contact:
Eleni
Kouvatsos
941-907-9800
ext. 218
Public
Relations & Communications Manager
First
Watch Restaurants, Inc. |