Panera is about to be a public company again, and its IPO will include an investment from the founder of Shake Shack
Panera Breadis about to be a public company again after going private in 2017, the WSJ reported.
- Its IPO will include an investment from the SPAC of
Danny Meyer, the founder of Shake Shack. JAB Holdingwill be a primary shareholder, subject to completion of the Panera IPO.
Panera Brand, the parent company of Panera Bread, said it is planning to file for an IPO with the US Securities and Exchange Commission, though it has not decided on the price range, the number of shares to be offered, nor a date for its market debut, the WSJ reported. Panera Brand also owns Caribou Coffee and Einstein Bros. Bagels.
Meyer on Tuesday said he will personally invest in the casual-dining chain at the time of its IPO and will support it through his special purpose acquisition company, USHG Acquisition, once Panera is public, according to a statement.
Panera will not merge with USHG, as is typically the case with SPACs. Meyer, however, will become the lead independent director of Panera's board.
In addition, European investment firm JAB Holding will be a primary shareholder, subject to completion of Panera's IPO, the statement added.
JAB, which also has stakes in Pret A Manger and Keurig Dr. Pepper, took Panera private in 2017 in a deal worth roughly $7.5 billion at the time, excluding debt.
Panera, with its more than 2,000 cafes, was public for more than 25 years prior to the firm's acquisition.
JPMorgan is acting as financial advisor to Panera for the IPO, while Skadden, Arps, State, Meagher & Flom LLP is acting as legal advisor.
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