Boston-based Advent International sold 9,400,000 shares, worth an estimated $152.89 million.
The change represents 3.3% of Advent International’s reported 13F assets under management.
Post-trade stake: 5,289,784 shares valued at $82.73 million.
First Watch now accounts for 1.67% of fund AUM, which makes it the fund’s 10th-largest position.
These 10 stocks could mint the next wave of millionaires ›
Boston-based Advent International reported a significant reduction in its position in First Watch Restaurant Group (NASDAQ:FWRG) as of Sept. 30, 2025, with an estimated $152.89 million net decrease.
According to a filing with the Securities and Exchange Commission dated Nov. 14, 2025, Advent International, L.P. reduced its holdings in First Watch Restaurant Group by 9,400,000 shares.
The post-sale position stands at 5,289,784 shares, valued at $82.73 million as of Sept. 30, 2025.
The firm’s post-sale stake in First Watch Restaurant Group represents 1.67% of reported 13F assets, down from 7.64% of AUM in the prior quarter.
Top holdings after the filing:
NIQ Global Intelligence (NYSE:NIQ): $2.35 billion (47.1% of AUM)
Olaplex (NASDAQ:OLPX): $654.30 million (13.1% of AUM)
CCC Intelligent Solutions (NASDAQ:CCCS): $340.19 million (6.8% of AUM)
Definitive Healthcare (NASDAQ:DH): $268.44 million (5.4% of AUM)
CI&T (NYSE:CINT): $255.64 million (5.1% of AUM)
As of Dec. 5, 2025, shares were priced at $17.70, down 10% over the past year, underperforming the S&P 500 by 23 percentage points.
The company’s five-year compound annual growth rate for sales is 22%.
Metric | Value |
|---|
Market capitalization | $1.08 billion |
Revenue (TTM) | $1.17 billion |
Net income (TTM) | $5 million |
Price (as of market close 2025-12-5) | $17.70 |
First Watch Restaurant Group:
Operates and franchises daytime-focused restaurants under the First Watch brand, offering breakfast, brunch, and lunch menu items.
Has locations across 28 U.S. states.
Serves a broad customer base seeking fresh, made-to-order meals in a casual dining environment.
As of Sept. 28, 2025, First Watch Restaurant Group operated 548 company-owned restaurants and 72 franchised restaurants in the United States.
After holding a majority stake in First Watch Restaurant Group early in 2021, Advent International has slowly unwound its outsize position in the daytime eatery.
While First Watch now accounts for only 1.7% of Advent’s portfolio, the latter still holds a 9% stake in the stock, highlighting the significant disparity in size between the two.
This just highlights that investors shouldn’t necessarily worry about the sale, in my opinion.
From a Foolish perspective, there is a lot to like about this unique restaurant.
Its employees only work one shift, from 7 a.m. to 2:30 p.m., streamlining operations and boosting employee satisfaction.
First Watch’s menus “are chef-driven and rotate five times a year,” allowing the company to focus on customizable meals that appeal to younger generations.
With a per-person average cost of $17, First Watch’s meals fit into the “affordable luxury” niche and offer a reasonably priced (and healthier) alternative to the food typically provided by outdated legacy restaurant chains.
Growing sales by 26%, same-store sales by 7%, and increasing its profit margins in the last quarter, First Watch looks like an attractive growth stock at just 8 times cash from operations (CFO).
Still only operating in 28 states — and many of these with just a single-digit store count — First Watch’s growth story is still in its early chapters. Home to a discounted valuation and growing via its own CFO, I’m going to keep a very close eye on this promising growth stock.
13F assets under management (AUM): The total value of securities reported by institutional investment managers in quarterly SEC Form 13F filings.
Stake: The amount or percentage of ownership an investor holds in a company.
Top holdings: The largest investments in a fund’s portfolio, typically by market value or percentage of assets.
Compound annual growth rate (CAGR): The mean annual growth rate of an investment over a specified period, assuming profits are reinvested.
Trailing twelve months (TTM): The 12 months ending with the most recent quarterly report.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Franchised restaurants: Restaurants operated by independent owners under a company’s brand and business model, rather than by the company itself.
Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this.
On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves:
Nvidia: if you invested $1,000 when we doubled down in 2009, you’d have $473,121!*
Apple: if you invested $1,000 when we doubled down in 2008, you’d have $53,035!*
Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $540,587!*
Right now, we’re issuing “Double Down” alerts for three incredible companies, available when you join Stock Advisor, and there may not be another chance like this anytime soon.
See the 3 stocks »
*Stock Advisor returns as of December 1, 2025
Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Should Investors Follow Advent International’s Lead as it Dumps $153 Million of First Watch Restaurant Group Stock? was originally published by The Motley Fool
