Catterton Partners sells the emerging casual dining chain.

In a deal between a pair of private equity firms, Catterton Partners sold First Watch Restaurants, Inc. to Freeman Spogli & Co. Financial terms of the transaction were not disclosed. First Watch's existing management team of CEO Ken Pendery, CFO Ken Cruley and CMO Chris Tomasso will continue to operate the company and will retain a meaningful equity stake in the business.

First Watch is a daytime restaurant concept serving the breakfast, brunch and lunch dayparts of the casual dining segment. The restaurant chain has 92 restaurants in 13 states.