Au Bon Pain Sells Itself to Re-Emerge as Panera Bread

St. Louis-based Au Bon Pain Co. Inc. announced today the completion of its Au Bon Pain Division to ABP Corporation, an affiliate of Bruckmann, Rosser, Sherrill & Co., L.P., for $73 million in cash before contractual purchase price adjustments estimated to be $1million.

The now consists of the Panera Bread/Saint Louis Bread Co. Business Unit only and has been renamed Panera Bread Co. Proceeds from the sale are being used to pay off all outstanding debt and provide cash for growth. In conjunction with the sale, the company will record a non-cash after-tax loss in the first quarter of approximately $6 million.

Ron Shaich, co-founder, co-chairman and CEO of Au Bon Pain will serve as chairman and CEO of Panera. Rick Postle, current president of the Panera Bread/Saint Louis Bread Co. unit, will serve as president and COO of Panera Bread Co. Bill Moreton, CFO of the Panera Bread/Saint Louis Bread Co. Business Unit, will serve as CFO.

Shaich commented, "With the sale of the Au Bon Pain Division finally completed, we now have the focus and the resources to take full advantage of the opportunity at hand. "

Panera Bread Co. today includes 75 company-owned bakery cafes and 63 franchised bakery cafes operating in 18 states. Until the new symbol takes effect sometime within the next week, the stock will continue to trade under the Au Bon Pain Co., Inc. symbol: ABPCA.