Investment firm Advent International has reported a significant sale of shares in First Watch Restaurant Group, Inc. (NASDAQ:FWRG), a popular daytime restaurant chain. According to a recent SEC filing, the firm sold a total of $165.5 million worth of First Watch Restaurant Group stock at a price of $23.99 per share.
The transaction, which took place on March 12, 2024, involved the sale of 6,900,000 shares of common stock. Following the sale, Advent International continues to hold a substantial number of shares, with funds managed by the firm collectively owning 27,189,784 shares of common stock in First Watch Restaurant Group.
The shares were sold as part of a public offering, including the underwriters' exercise of their over-allotment option, based on the prospectus dated November 7, 2022, and the accompanying registration statement on Form S-3 (File No. 333-268197).
The filing indicates that the shares were sold by various entities under Advent International's management, including Advent International GPE VIII Limited Partnership and several others across the Advent VIII Luxembourg Funds, Advent VIII Cayman Funds, and Advent VIII Partners Funds.
Advent International has a history of managing funds that hold significant stakes in various companies, and the firm's investment decisions are closely watched by investors for potential market insights. The latest transaction underscores the dynamic nature of investment firm portfolios and the substantial market movements that can result from their trading activities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.