A series of transactions involving major investment entities under the Advent International umbrella resulted in the sale of a significant portion of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) stock, with the total value exceeding $165 million.
First Watch Restaurant Group, an American restaurant chain based in Bradenton, Florida, saw a collective sale of 6,900,000 shares by various entities associated with Advent International, a global private equity investor. The shares were sold at a price of $23.99 each, aligning with the public offering price as per the prospectus dated November 7, 2022.
This considerable sale has led to Advent International now managing funds that collectively own 27,189,784 shares of common stock in First Watch Restaurant Group. This change in ownership comes as the entities continue to manage their investment portfolios.
The entities involved in the transaction include Advent International GPE VIII Limited Partnership, Advent International GPE VIII-B-1 Limited Partnership, Advent International GPE VIII-B-2 Limited Partnership, among others, all of which are managed by Advent International, L.P. These transactions were conducted in accordance with the public offering of the common stock of the Issuer, as stated in the SEC filing.
Investors and market watchers will likely keep a close eye on First Watch Restaurant Group's stock performance following this large-scale divestment by one of its significant shareholders.
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