AUS
NZ
UK
CA
USA
IND
Highlights
- Panera Brands is looking to go public again and USHG Acquisition Corp (a SPAC) will be a cornerstone partner for the IPO.
- The SPAC is an affiliate of Union Square Hospitality Group, LLC, one of the leading hospitality companies in the world.
- Panera Brands' financial advisor for the transaction is J.P. Morgan and the legal advisor is Skadden, Arps, State, Meagher & Flom LLP.
The Missouri-based bakery-cafe fast-casual restaurant chain Panera is looking to go public again. It will return to the equities market with a future initial public offering, which includes an investment from a blank-check company.
USHG Acquisition Corp (NYSE:HUGS), which is a special purpose acquisition company (SPAC) said on Tuesday, November 10, that it will be an important partner alongside Panera Brands IPO.
The SPAC is an affiliate of Union Square Hospitality Group, LLC, which is known for creating some of the most popular cafes, restaurants, and bars in New York. The Chairman of USHG and New York City restaurateur, Danny Meyer will invest directly in Panera Brands.
Also Read: Braze IPO: How to buy BRZE stock & what will it cost you?
Once the IPO is completed, Mr Meyer is likely to become the lead independent director of Panera's board.
How to get early access to Panera's stock?
After the SPAC merger, HUGS shareholders will become Panera's shareholders, and this could be a way to get hold of the stock before it becomes a publicly traded company again.
© 2021 Kalkine Media Inc.
JAB Holding, the present owner of Panera Brands will make a dollar-for-dollar investment in shares of Panera common stock and the amount will be the same as any redemptions of shares of USHG Acquisition Corp.
The shareholders of USHG Acquisition Corp will be issued the common stock of Panera at a ratio of $10 divided by the IPO price of the shares.
Panera Brands' financial advisor for the transaction is J.P. Morgan and the legal advisor is Skadden, Arps, State, Meagher & Flom LLP.
Bottom line
In 2017, Panera Breads went private after JAB Holding bought it for US$ 7.5 billion. It is one of the largest North American fast-casual restaurant companies and serves at approximately 4,000 locations.
Panera has a presence across 10 countries and has a strength of 110,000 employees. The company comprises brands like Caribou Coffee and Panera Breads among others.
Also Read: How to buy Redwood Materials stock?
Panera Bread is one of the leading subsidiaries and as of June 30, 2021, the company had 2,120 bakery cafes in 48 American states and Ontario in Canada.
