M&A Deal Summary

Advent International Acquires First Watch

On July 27, 2017, private equity firm Advent International acquired restaurant First Watch from Freeman Spogli

Acquisition Highlights
  • This is Advent International’s 6th transaction in the Restaurants sector.
  • This is Advent International’s 72nd transaction in the United States.
  • This is Advent International’s 6th transaction in Florida.

M&A Deal Summary
Date 2017-07-27
Target First Watch
Sector Restaurants
Buyer(s) Advent International
Sellers(s) Freeman Spogli
Deal Type Secondary Buyout
Advisor(s) Jefferies
North Point Advisors LLC (Financial)
Morgan Lewis (Legal)

Target

First Watch

University Park, Florida, United States
website
First Watch operates full-service daytime cafés under the First Watch and The Egg & I brands. The restaurants serve breakfast, brunch, and lunch from 7 a.m. to 2:30 p.m., seven days a week. The company provides customers a unique farm-to-table experience through a variety of healthy, traditional, and indulgent offerings, with a focus on fresh ingredients and outstanding service. First Watch was founded in 1983 and is based in University Park, Florida.

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Buyer(S) 1

Buyer

Advent International

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1984
PE ASSETS 76.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Advent is a global private equity firm that targets investments in North America, Europe, Asia, and Latin America. Advent's emerging market efforts are concentrated in Central Europe and Latin America. Advent seeks transactions valued between $50 million and $5 billion and can commit up to $2 billion of equity capital per investment. Broad areas of interest include business & financial services, retail & consumer, technology, media, & telecoms, healthcare & life sciences, and industrial. Prospective transaction types include buyouts, growth capital financings, take privates, and recapitalizations. Advent was formed in 1984 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 250 of 330
Sector (Restaurants) 6 of 6
Type (Secondary Buyout) 38 of 52
State (Florida) 6 of 6
Country (United States) 72 of 100
Year (2017) 10 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-27 Dixcy Textiles

Bengaluru , India

Dixcy Textiles is the exclusive manufacturer and marketer of several leading innerwear brands in India, including Dixcy Scott, Dixcy Scott UNO, Dixcy Josh, and Dixcy & Slimz. Dixcy Textiles was founded in 1982 and is based in Bengaluru, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-01 Yduqs

Rio de Janeiro, Brazil

Yduqs is a private post-secondary education institution that offers in-class and distance learning undergraduate courses in the areas of exact sciences, biological sciences, and human sciences with bachelor-level, teaching-level, and associate-level programs. Yduqs was founded in 1970 and is based in Rio de Janeiro, Brazil.

Buy -

Seller(S) 1

SELLER

Freeman Spogli

Los Angeles, California, United States

website

Category Private Equity Firm
Founded 1983
PE ASSETS 7.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Freeman Spogli & Co. is a private equity firm focused on acquiring middle-market retail, direct marketing, and distribution companies. The Firm will consider opportunities throughout North America and prefers partnering with management when pursuing acquisitions. Freeman Spogli looks to invest $75 to $300 million in transactions valued up to $750 million. Freeman Spogli was formed in 1983 and is based in Los Angeles, California with an additional office in New York City.

DEAL STATS #
Overall 21 of 25
Sector (Restaurants) 2 of 2
Type (Secondary Buyout) 7 of 7
State (Florida) 1 of 1
Country (United States) 20 of 24
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-18 Smile Brands Group

Irvine, California, United States

Smile Brands Group provides comprehensive business support services, non-clinical personnel, facilities and equipment through long term agreements with affiliated dental groups. Smile Brands Group was formed in 1998 and is headquartered in Irvine, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-07 Cafe Rio

Salt Lake City, Utah, United States

Cafe Rio is a high-growth, fast-casual Mexican restaurant concept focused on serving exceptional food that is made from scratch. Cafe Rio offers its customers a wide variety of menu items that are customized by using various formats, proteins, and sauces. Its differentiated approach and focus on serving high-quality, fresh, made-from-scratch food has engendered an extremely loyal customer following with high brand satisfaction and net promoter scores. Cafe Rio was founded in 1997 and is based in Salt Lake City, Utah.

Buy -
Mergr

Product

Company

Legal