First Watch Restaurants continues to broaden its presence in the foodservice industry with the acquisition of The Egg & I Restaurants. Based in Centennial, Colo., The Egg & I operates 114 units in 20 states. Financial terms of the transaction were not disclosed.
The acquisition positions First Watch as the nation’s largest and fastest-growing breakfast, brunch and lunch restaurant company with 267 restaurants in 26 states and a combined 18 under development in 2015, according to the company.
“The Egg & I is a wonderful concept with a loyal following that has experienced tremendous growth — particularly over the past several years,” said Ken Pendery, president and chief executive officer of First Watch. “We saw this acquisition as an opportunity to expand our presence in markets where we don’t currently operate. We look forward to working with Don Lamb, his team and the The Egg & I franchisees to build upon the success they have already achieved.”
The move furthers the accelerated growth that First Watch has experienced over the past few years, which has been achieved through a combination of opening new company-owned restaurants, franchised restaurant openings and select tuck-in acquisitions. In 2014, First Watch acquired The Good Egg, a 20-unit breakfast chain based in Arizona, and Nashville-based Bread & Company, including the company’s two restaurants currently operating in Tennessee, all recipes, marks and intellectual property.