"The lucky part about Bread & Company is it has a different service model," First Watch CEO Ken Pendery said.
For now, Pendery
said the two-unit brand would operate under the Bread & Company brand
as a traditional fast-casual concept.
"The great part about being able to pick up a brand that's been successful with a service model or a specific menu item or a beverage program is we're looking for something we can learn from," he
said the company expects to complete the year with 10 new units, and expects to add 15 locations next year.
"It's been a busy couple of years," Pendery
"But when you're growing, it's always more fun.
They're nice problems to have."
The previous acquisitions, however, were of full-service concepts similar to First Watch
The Good Egg locations remain under that brand, and will likely remain so, Pendery
The company is launching a new "Urban Farm" reimaging in its system, and The Good Egg
will have the same remodel, but with a different brand name.
"It has the history of a 30-year-old company," Pendery
"We don't want to shock the customer with a rebrand."
acknowledged that the primary goal of buying Bread & Company
was to get its real estate.
The chain was founded in 1992 as an artisan bakery serving breads, rolls, pastries and coffee, and had just 15 seats.
In 1995, the chain expanded to include salads and sandwiches.
It built a following and had as many as four locations.
Recently, the brand "just lost a little luster," Pendery
said, but still had loyal core customers.
The company had two remaining locations in good sites.
"We were really after that location," he
"In some instances, some acquisitions are as much real estate driven and location driven as for the brand itself."
The company is reconstructing one of the two locations and plans to keep the brand intact, at least for now.
"We have the option to rebrand," Pendery
"We're in no rush to rebrand until we get close to the customer.
We're not afraid to operate a different brand.
It's possible it will become a First Watch
, if not likely."
While the brand has a different service model, that model "is not hard," Pendery
But the brand serves food similar to First Watch
, only in a fast-casual format, like breakfast omelets and waffles.
"They do things we do," Pendery
"We think we can work with that breakfast component in fast casual and pick up elements we could use in some parts with First Watch
This doesn't appear to be First Watch
's last acquisition.
said this week that the company could continue to make acquisitions if and when opportunities come available.
"We'll have organic growth and franchise growth and the occasional acquisition," he