Nest egg: First Watch celebrates life as public company

About 75 employees from one of Manatee County’s largest companies took New York City by storm for the company’s IPO.

By Mark Gordon
| 9:10 a.m. October 14, 2021
| 2 Free Articles Remaining!

Christopher Galluzzo. Nasdaq had a photographer stationed on the rooftop of a tall building across the street to capture the First Watch Team Oct. 1

Luke Howell. University Park-based First Watch is the first major company in the Sarasota-Bradenton region to go public in 15 years.

Luke Howell. Employees stayed at a hotel two blocks from the Nasdaq.

First Watch Vice President of Culinary Strategy Shane Schaibly joined the team at breakfast on the 10th floor of the Nasdaq building before the stock market opened.

Luke Howell. Chris Tomasso, right, led the company’s trip to New York to celebrate the IPO.

Luke Howell. The company's first stock trade happened around 11:30 a.m. Oct. 1

Luke Howell. First Watch Chairman Emeritus Ken pendery wasn't able to make the trip to New York City, but was there virtually, along with his wife, Jenny pendery.

Luke Howell. First Watch President and CEO Chris Tomasso spoke with reporters from multiple financial news outlets throughout the day.

Luke Howell. Chris Tomasso has been with First Watch since 2006.

Luke Howell. First Watch CFO Mel Hope was one of several executives who congratulated the team on the IPO.

Luke Howell. First Watch Chief People Officer Laura Sorensen was one several executives on the trip.

Strategies

One of the more unheralded features of the business model at east Manatee County-based breakfast-brunch-lunch chain First Watch has been patience.

Executives waited for years, for example, to launch a franchise program, turning down multiple queries along the way — sometimes coming in every week. And while growth, in revenue and store count, has come quickly in the past five years, the 30 or so years before that saw the company expand in a more deliberate and measured way. The company’s IPO followed a similar patience model: it had been in business for nearly 40 years and had multimillion-dollar investments from at least three private equity firms going back to 2004 before it took its shot at the public markets.

Shares of First Watch debuted on the Nasdaq Oct. 1, under the symbol FWRG, for First Watch Restaurant Group. At market close Oct. 8 shares were trading for $22.31, with a market capitalization of $1.31 billion. The company raised $195.8 million from the IPO, according to a statement, funds that will go to pay back some $294 million in debt.

First Watch is the first major company to go public in the Sarasota-Bradenton region in 15 years. The last one to do it was Venice-based premium window and door manufacturer PGT Innovations, in June 2006. The last major one before that was Sarasota-based Helios Technologies, then Sun Hydraulics, which went public in 1997.

Milestone

Excerpts from a LinkedIn note First Watch CEO Chris Tomasso posted at 11:30 a.m. Oct 1, after the company’s first stock trade.

“As I write this today, I’m absolutely overwhelmed with joy and pride. If you’re reading this, you’ve likely heard the news by now – First Watch Restaurant Group is now publicly traded on the Nasdaq! With this incredible milestone, it’s humbling to reflect on the achievements that have brought us to this juncture, and above all else, today we celebrate the people who’ve laid the foundation for our success over these past 38 years.

I joined this company 15 years ago, and from Day One, that culture was palpable and played a big part in my decision to relocate my family to Sarasota. When I joined, we had about 60 restaurants, and while we have more than 420 today, that foundational culture is stronger than ever. I want to thank our incredible teams for their hard work and dedication during these past 38 years. It’s the people within our restaurants in all 28 states we serve, who bring the First Watch vision and our You First mission to life each day. This morning, as we ring the opening bell at the Nasdaq, thousands of these dedicated individuals are welcoming families into our restaurants, serving eager customers our fresh juices or Million Dollar Bacon, or building beautiful, fresh brunch dishes behind the line in each one of our kitchens. These individuals are the heartbeat of our company.”

The Oct. 1 IPO followed another major milestone for First Watch: over the summer it moved into its new headquarters. The 39,000-square-foot two-story complex at 8725 Pendery Place in University Park can be seen from Interstate 75, right before the southbound exit for University Parkway.

First Watch’s media relations team shared the Oct. 1 itinerary and run-of-show for CEO Chris Tomasso and other executives, in the frenzied day of launching the IPO.

Around 75 employees made the trip to New York City to celebrate the milestone. In addition to top executives and board members, the group included operations directors with the company, founded in 1983, for at least 20 years and regional vice presidents with at least 15 years. Also along for the celebration were representatives from the First Watch RISE Advisory Council (Race Inclusion and Support Exchange) and up-and-coming leaders from its Rising 20 mentorship program. The First Watch team stayed at the Marriott Marquis in Times Square, two blocks from the Nasdaq building.

These photos were taken throughout the day, which started at 6:30 a.m. with an overview meeting of the day and went through an evening celebration that started at 6 p.m.