Panera has not offered franchises in any other lines of business. We have been franchising and operating company-owned Panera Bread Bakery-Cafes since December 1993. For purposes of this Disclosure Document, we refer to all of these Bakery-Cafes as “Panera Breadīakery-Cafes” even though some of them use the “Saint Louis Bread Company” name. currently operate under the “Panera Bread” name, except for those company-owned Bakery-Cafes located Accordingly, allīakery-Cafes throughout the U.S. We also recognized that the “Saint Louis Bread Company” name had valuable name recognition in St. Improved the “Saint Louis Bread Company” Bakery-Cafe concept and, for strategic marketing reasons, chose a new name, “Panera Bread.” When we acquired our bakery cafe concept in 1993, which was then known as “Saint Louis Bread/Company,” we substantially Gathering areas, relaxing decor and free internet access. In neighborhoods across the United States, customers are drawn to our warm and welcoming environment which features comfortable To clean ingredients and products by removing items identified on our “No No List”, transparency and a positive impact on the food system. In 2014, we formalized our Food Policy, an articulation of Panera’s long held values which expresses a commitment Panera is committed to providing great tasting, qualityįood people can trust. With our identity rooted in handcrafted artisan bread, we bake fresh bread every day. Of year round favorites complemented by new items introduced seasonally with the goal of creating new standards in everyday food choices. Merchandise related to the Panera Bread concept (“Panera Bread Bakery-Cafe(s)” or “Bakery-Cafe(s)”). Roasted coffees and cafe beverages, such as hot or cold espresso and cappuccino drinks and smoothies, as well as other menu items and Sandwiches on freshly baked breads, hearty, unique soups, pasta dishes and side items, freshly prepared and hand-tossed salads, and custom Groups are daily baked goods, including a variety of freshly baked bagels, breads, muffins, scones, rolls and sweet goods, made-to-order Panera has a menu highlighted by flavorful, wholesome offerings, including select proteins raised withoutĪntibiotics, grass-fed beef, whole grain bread and select organic ingredients, with zero grams of artificial trans fat per serving. Panera is in the business of operating and franchising Panera Bread Bakery-Cafes, using certain of the “Marks” and “System,” bothĪs defined in the Franchise Agreement attached as Exhibit B, specializing in the retail sale of high quality food in a warm, inviting andĬomfortable environment. As of the date of this Disclosure Document, Panera doesīusiness under the name Panera Bread, Saint Louis Bread Company and Saint Louis Bread Co. Our registered agents and agents for service of process are listed in Exhibit G. Our principal place of business is 3630 South Geyer Road, Suite 100, St. Panera is a wholly owned subsidiary of Panera Bread Company (referred to as “Panera Bread Company” or “PBC”), which wasįormerly known as Au Bon Pain Co., Inc. Subsequently, it changed its name to “Saint Louis Bread Company, Inc.” in December 1993 and then to “Panera, Inc.” Panera was originally formed under the name of ABP Acquisition Corp. Panera is a Delaware limited liability company, which was formed on December 31, 2001, when Panera, Inc., a DelawareĬorporation, was converted to a limited liability company. The Panera Bread case is designed to give students insight into the private equity investment process. Students are challenged to create an investment recommendation by performing due diligence, determining additional questions to ask, and pricing a buyout bid that incorporates an optimal capital structure and meets KLG's return requirements. In doing so, students are required to consider a very large and expensive investment. Students assume the role of Tom Denning as he prepares an investment recommendation for KLG's investment committee. A surprising Bloomberg News story signals that the deal process is broadening and KLG will have to act quickly if it hopes to buy Panera Bread. In early 2017, KLG Managing Director Tom Denning is considering a leveraged buyout of Panera Bread, a rapidly growing fast-casual restaurant company. This case considers the buyout of Panera Bread from the perspective of a private equity fund.
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