Panera Brands has confidentially filed to go public, sources told the Financial Times.
The company intends to reach the stock market next year.
Panera is the flagship chain of the platform, which also features Einstein Bros. Bagels and Caribou Coffee. This alliance was initially unveiled in August 2021, marking a significant milestone in the fast-casual industry’s history, as it boasts roughly 4,000 establishments. A few months following its formation, the group disclosed its intention to enter the public market through a merger with Danny Meyer’s special purpose acquisition company. The plan was abandoned due to unfavorable capital market conditions just before the July 1, 2022 deadline.
In May, Panera Brands rekindled its intentions to go public through an IPO, simultaneously announcing the transition of CEO Niren Chaudhary to the role of chairman. Jose Alberto Dueñas, formerly at the helm of Einstein Bros, took over the CEO position. Subsequently, in September, Panera disclosed that Krispy Kreme CEO Mike Tattersfield would assume the chairman’s role in January, succeeding Chaudhary. Patrick Grismer, who served as Starbucks’ CFO for nine years, joined the board in 2022 and was appointed as the lead independent director.
Panera Brands generated more than $4.8 billion in revenue in 2022.
Each restaurant concept is owned by JAB Holding, which purchased Panera for $7.5 billion in 2017 and took it private for the first time. Caribou was acquired for $340 million in 2012, and Einstein Noah Restaurant Group was bought for $374 million in 2014.
The move comes shortly after Panera reportedly laid off 17 percent of its staff or roughly 300 employees. The cuts were directed toward support-staff roles, the Wall Street Journal reported. Dueñas said the move would streamline operations.