Prospects patronize an open Panera Bread location within the Walt Whitman Mall on March 26, 2020 in Huntington Station, New York.
Bruce Bennett | Getty Pictures
Panera Bread’s mum or dad firm is switching up its management because it prepares to go public once more.
The announcement, made Tuesday, confirms that the restaurant firm is fascinated about an preliminary public providing after calling off a deal final yr with Danny Meyer’s SPAC to go public once more.
The association would have exchanged shares of USHG Acquisition for the sandwich chain’s inventory and allowed the corporate to outlive a merger with Panera’s subsidiary Rye Merger. Nonetheless, Panera scrapped these plans in July, citing market circumstances.
JAB Holding, the funding arm of the Reimann household, purchased Panera Bread in 2017 for $7.5 billion, taking it personal. The agency mixed the sandwich chain with Einstein Bros. Bagels and Caribou Espresso to type Panera Manufacturers.
Within the press launch, Panera Manufacturers stated the management modifications are “in preparation for its eventual IPO.”
Present CEO Niren Chaudhary will step down July 1 however plans to stay round as chairman of the corporate’s board. Chaudhary served as chief govt for 4 years after becoming a member of the corporate from Krispy Kreme. JAB Holding additionally owned the doughnut chain earlier than its IPO in 2021 and nonetheless retains a 45% possession stake, based on Factset.
Einstein Bros. Bagels CEO Jose Dueñas will take the reins from Chaudhary. Earlier than becoming a member of the bagel chain in 2019, he served as chief model officer for Sonic Drive-In. His resume additionally contains time at Darden Eating places’ Olive Backyard and Kellogg.
In 2022, Panera Manufacturers’ income surpassed $4.eight billion. Panera Bread, the most important chain within the portfolio, has lengthy been often called a know-how chief within the restaurant business. Digital orders account for greater than half of the chain’s whole gross sales, and its loyalty program has 53 million members. Panera Bread has additionally been testing A.I. drive-thru order taking and Amazon’s palm-scanning know-how.
Panera Manufacturers is not the one restaurant firm publicly speaking about going public. On Friday, Mediterranean fast-casual chain Cava filed to go public by means of an IPO.
This text was initially revealed by cnbc.com. Learn the authentic article right here.
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