Friday 19 August 2022

Panera Brands and HUGS end planned partnership

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ST. LOUIS, USA – Panera Brands Inc., which includes the iconic fast casual and hospitality brand Panera Bread as well as Caribou Coffee and Einstein Bros. Bagels, announced that there will be no extension of its investment agreement with USHG Acquisition Corp., in light of unfavorable capital market conditions, including the deterioration of the market for initial public offerings over the past several months.

While the parties have collaborated closely since the initial announcement of the transaction, they have agreed not to extend the agreement, which lapsed on June 30, 2022.

Panera Brands will continue to prepare for and evaluate a potential public listing should market conditions improve.

“We have tremendous respect for Danny Meyer, HUGS and its management team and have enjoyed a very collaborative relationship since last Fall,” said Niren Chaudhary, CEO of Panera Brands.

“Unfortunately, the deterioration of capital market conditions over the last several months has led to the realization that an IPO may not be imminent, and as a result we felt it was appropriate not to extend our planned partnership.

However, we will continue to prepare for and explore an IPO as market conditions improve, and there is no change to our conviction in Panera, which is as strong as ever. It has been a great joy working with Danny and the HUGS team and we wish them the best.”

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