Panera Bread Company acquired by JAB Holdings B.V. (through Rye Parent Corp.; investment vehicle of JAB Consumer Fund and JAB Holding Company)
JAB Holdings B.V. (through Rye Parent Corp.; investment vehicle of JAB Consumer Fund and JAB Holding Company) acquired Panera Bread Company, a US fast casual bakery café restaurants brand, on Jul 18, 2017.
Transaction summary
- Target
- Panera Bread Company
- Seller
- -
- Announced
- 2017-04-05
- Geography
- United States
- Type
- Take Private
- Deal type
- Control
- Stake acquired
- 100%
- First added
- 2026-10-04
- Latest update
- 2026-10-18
Value and multiples
100% enterprise value
USD 7.5B
100% enterprise value | USD
Basis: Public source
Reported price is assumed to be 100% EV unless stated otherwise. Partial-stake estimates are qualified in the basis notes.
EV / revenue
2.68x
Period: FY2016 Actual
Basis: Derived from source data
EV / EBITDA
16.9x
EBITDA basis not stated
Basis: Derived from source data
Amounts paid and other reported values
Original reported amounts and bases; a stake payment is distinct from the estimated whole-company valuation.
Consideration: USD 7.0B
Closing Form 8-K reports approximately USD 7 billion aggregate cash consideration paid to stockholders; separate from announced EV.
Basis
- US$7.5bn announced EV / US$2.795365bn FY2016 revenue = 2.68x. The proxy’s 2017 Street Consensus EBITDA forecast of US$443m gives 16.93x EV/EBITDA. The management plan’s US$458m is a separate forecast scenario.
Other reviewed estimates
Earlier estimates and their sources.
Source summary
Panera Bread and JAB Announce Definitive Merger Agreement
Confirmedin a transaction valued at approximately $7.5 billion, including the assumption of approximately $340 million of net debt.
Open sourcePanera Bread Company Definitive Proxy Statement
Confirmedfor Panera were $443 million and $7.65
Open sourcePanera Bread Company Form 8-K, completion of acquisition
ConfirmedJAB completed its previously announced acquisition of the Company
Open sourcePanera FY2016 Form10-K financial statements
ConfirmedTotal revenues $ 2,795,365 $ 2,681,580
Open sourceEX-99.1
Confirmedapproximately $7.5 billion, including the assumption of approximately $340 million of net debt.
Open source8-K
ConfirmedPanera became a wholly owned direct subsidiary of Parent and a wholly owned indirect subsidiary of JAB.
Open source8-K
ConfirmedThe aggregate consideration paid by Parent in the Merger to the Company’s stockholders was approximately $7 billion in
Open sourceDocument
ConfirmedWe do not record franchise-operated net bakery-cafe sales as revenues.
Open sourceDEFM14A
Confirmedwere $443 million and $7.65, respectively, in the Street Consensus Case, and $458 million
Open sourceContinue your research
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