Panera Bread is Set to IPO
Nov 9, 2021 By MarketDepth
Panera Bread is set to go public once more through an initial public offering. The restaurant chain announced that it will be assisted by Danny Meyer’s special purpose acquisition company, USHG Acquisition Corp. The SPAC’s shares rose 9% during early morning trading upon the news.
Not Disclosing Offering Amount
The company plans to file its draft IPO documents, though it did not disclose the number of shares it would offer or their price range. Meyer revealed that he intends to invest in Panera personally and through his SPAC once it has gone public. USHG Acquisition Corp., which trades under the symbol HUGS, will become a “cornerstone partner” with Panera Brands as per the announcement.
Parent JAB Holdings
JAB Holdings, the current owner of Panera Brands, is prepared to invest the same amount in Panera shares as any redemptions of HUGS shares.
“Under CEO Niren Chaudhary’s leadership, Panera Brands embodies values consistent with HUGS and our Enlightened Hospitality roots, demonstrating that shareholder success is dependent on and driven by an employee-first stakeholder culture. Importantly, Panera Brands meets our investment criteria to combine with a purpose-driven business that is scalable and built for the long-term; a market leader whose greatest strength is its talent and heart; a company where people love to work and with which customers, suppliers and partners love doing business. We are excited to partner with Panera Brands alongside JAB.”Statement From Danny Meyer
Panera had previously gone private in 2017 after JAB Holding acquired the company for USD7.5 Billion. Nevertheless, throughout the years the company has continued to increase its sales and invest in technology.