Catterton Sells First Watch Chain To Freeman Spogli

Law360, New York (December 23, 2011, 3:09 PM EST) -- Consumer business-focused private equity firm Catterton Partners has sold First Watch Restaurants Inc., a growing chain of breakfast and lunch restaurants it first invested in in 2004, to fellow private equity firm Freeman Spogli & Co. for an undisclosed sum, Catterton said Friday.

First Watch's existing management team, including CEO Ken Pendery, Chief Financial Officer Ken Cruley and Chief Marketing Officer Chris Tomasso will continue to operate the business, which has doubled in size under Catterton's watch, and will retain a meaningful equity stake, Greenwich, Conn.-based...
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