SCHEDULE: Advent International Amends First Watch Stake

Advent International and its affiliates have updated their beneficial ownership in First Watch Restaurant Group, Inc., reporting a collective stake of 24.1%.

Summary

• Advent International, L.P., Advent International GP, LLC, and Advent International GPE VIII, LLC collectively report beneficial ownership of 14,689,784 shares of First Watch Restaurant Group, Inc. Common Stock.
• This aggregate amount represents 24.1% of the Issuer's outstanding Common Stock.
• The percentage of class was calculated based on 61,023,971 shares of Common Stock outstanding as of August 1, 2025, as reported on the Issuer's Form 10-Q filed on August 5, 2025.
• GPE VIII GP S.a.r.l. beneficially owns 10,071,581 shares, representing 16.5% of the class.
• GPE VIII GP Limited Partnership beneficially owns 3,997,295 shares, representing 6.6% of the class.
• AP GPE VIII GP Limited Partnership beneficially owns 620,908 shares, representing 1% of the class.
• All reporting persons hold shared voting and shared dispositive power over their reported shares, with no sole voting or sole dispositive power.

Sentiment

Score: 5

Explanation: This is a factual report of beneficial ownership and does not contain information that inherently indicates positive or negative sentiment regarding the company's performance or outlook.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• The filing details the complex organizational structure of Advent International's various funds and their general partners, including Advent International, L.P., Advent International GP, LLC, Advent International GPE VIII, LLC, GPE VIII GP S.a.r.l., GPE VIII GP Limited Partnership, and AP GPE VIII GP Limited Partnership, all of which are related entities exercising shared voting and dispositive power over the reported shares.

Stakeholder Impact

• Indicates continued significant institutional investor interest and oversight from Advent International, potentially signaling stability or strategic influence on First Watch Restaurant Group, Inc.

Key Dates

Keywords

First Watch Restaurant Group, Advent International, Beneficial Ownership, SEC Filing, Schedule 13G, Common Stock, Institutional Investor