ABP Corporation, a subsidiary of JAB Holdings-controlled Panera Bread, offloads Au Bon Pain to Yum! Brands subsidiary, Ampex Brands
An Au Bon Pain store in Massachusetts, USA | Photo credit: via Flickr
Ampex Brands, a Yum! Brands Inc. and 7-Eleven franchisee operating more than 400 restaurants and convenience stores, has acquired Au Bon Pain from ABP Corporation, a subsidiary of Panera Bread
Au Bon Pain’s 171 US locations will increase Ampex Brand's revenue by approximately 10% annually, the latter company said in a press release, without disclosing the value of the deal. The acquisition also grants Ampex franchising rights to an additional 131 locations.
“We see a solid future for both Au Bon Pain and our broader portfolio,” said Ampex CEO Tabbassum Mumtaz. “Our QSR brands performed extraordinarily well throughout the pandemic as guests moved to drive-thru. That performance allowed us to diversify and jump on a great opportunity to reposition a legacy brand. The bakery café category will rebound, and Au Bon Pain is well-positioned to grow.”
“The US is reopening, and our markets are coming back to life,” said newly appointed Au Bon Pain Brand President, Ericka Garza. “As we open our cafés, Au Bon Pain’s brand reputation, loyal following, strong real estate and menu position the brand favourably for success. We also see opportunity in its non-traditional locations, currently in transportation hubs, airports, universities and hospitals. Smaller footprints with less dine-in seating are the future of fast-casual dining, and having a successful prototype with long-standing institutional relationships allows for flexibility as we grow.”
Under JAB Holdings ownership, many Au Bon Pain locations were converted to Panera Bread stores, shrinking its footprint from roughly 300 locations to around 170.
The sale of Au bon Pain follows reports that Panera Bread recently completed an $800m refinancing, a move which could pave the way for the company to go public. Luxembourg-based JAB Holdings took Panera Bread private in 2017 as part of its $7.5bn acquisition of the company.