Chain cracks open more growth

The story behind how First Watch Restaurants closed a deal that nearly doubles the size of what was already a $140 million company mirrors the daytime eatery chain itself: Friendly and quick, and no hassles.

East Manatee County-based First Watch, backed by a Los Angeles private equity firm, acquired Centennial, Colo.-based The Egg & I Restaurants, in a deal announced May 27. First Watch has 153 restaurants in 17 states and The Egg & I has 114 locations in 20 states, according to a press release. First Watch leans corporate-owned in its store mix, while The Egg & I is heavy on franchise. Terms of the deal, which creates a 267-restaurant chain across 26 states, weren't released.

“Even though this pushes up our numbers in a big way,” says First Watch CEO Ken Pendery, “we still don't see ourselves as a big company.”