SCHEDULE: Advent International Exits First Watch Restaurant Stake

Advent International and its affiliated entities report 0% beneficial ownership in First Watch Restaurant Group, Inc., signaling a complete divestment or reduction below reporting thresholds.

Summary

• Advent International, L.P. and its related entities (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) have filed an Amendment No. 5 to their Schedule 13G.
• The filing indicates that the Reporting Persons beneficially own 0.00 shares of Common Stock in First Watch Restaurant Group, Inc.
• This represents 0% of the class of securities, a significant reduction from previous filings.
• The date of the event requiring this statement was September 30, 2025.
• The Reporting Persons explicitly disclaim beneficial ownership of any securities covered by this statement, pursuant to Rule 13d-4 of the Act.

Sentiment

Score: 3

Explanation: The filing indicates a major institutional investor has divested its stake, which is generally perceived negatively by the market as it may signal a lack of confidence in the company's future prospects.

Negatives

• A significant institutional investor, Advent International, has reduced its beneficial ownership in First Watch Restaurant Group, Inc. to 0%, potentially signaling a complete exit from its investment.

Future Outlook

No forward-looking statements or guidance are provided in this filing.

Industry Context

Advent International is a prominent private equity firm. Their complete divestment from First Watch Restaurant Group, Inc. indicates a strategic decision to exit this particular investment, which could be driven by portfolio rebalancing, a change in investment strategy, or a revised outlook on the company's prospects. For First Watch, it means a major institutional holder is no longer on its shareholder register.

Stakeholder Impact

• Shareholders: The exit of a major institutional investor could lead to negative market sentiment and potentially downward pressure on the stock price.
• Management: May need to address market concerns regarding the investor's exit and its implications for the company's valuation and future.

Key Dates

Recommendation

The filing indicates that Advent International, a significant institutional investor, has reduced its beneficial ownership in First Watch Restaurant Group, Inc. to 0%. This complete divestment by a major holder is a strong negative signal, suggesting a lack of confidence in the company's future performance or a strategic decision to reallocate capital away from this investment. Such an exit typically leads to negative market sentiment and potential downward pressure on the stock price, warranting a 'sell' recommendation for investors.

Keywords

Advent International, First Watch Restaurant Group, Schedule 13G, beneficial ownership, divestment, institutional investor, common stock, SEC filing