Panera Bread to go public again in IPO backed by Shake Shack founder’s SPAC -Breaking
(Reuters) – Panera Bread (NASDAQ) will return to the public markets via a U.S. Initial Public Offering backed by Shake Shack’s Blank-Check company. This is just one of a flurry this year that includes restaurant listing and dining-out returns.
Meyer will invest directly in Panera Bread’s owner, Panera Brands announced Tuesday. He also becomes the independent lead director on the company’s board.
Special purpose acquisition companies (SPACs) are usually shell businesses that were created with the intention of merging later with private entities to make them public. After the IPO, Meyer’s USHG Acquisition Corp (in Panera) will invest.
Panera Brands’ unit will merge with USHG Acquisition after the listing. The proceeds of the sale will go to the owner of the restaurant chain.
Four years ago, Panera was taken private by JAB Holdings in Europe. The deal was worth approximately $7.5 billion. Panera’s return comes at a moment when many people want to eat out again.
This year, Coffeehouse Dutch Bros Inc., Krispy Kreme donut chain and Portillo’s Inc hot dog manufacturer went public.
USHG Acquisition’s shares rose nearly 8%
J.P. Morgan is acting as financial adviser to Panera Brands, while USHG Acquisition will be advised by Piper Sandler & Co.
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