Manna Development Group (Manna) has acquired 38 Panera Bread cafés in Colorado, expanding its operating footprint to over 130 Panera Bread outlets across seven states.
CapitalSpring, a leading private investment firm focused exclusively on the branded restaurant industry, structured and led the acquisition financing and recapitalisation, while Owl Rock Capital served as co‐lender and lead arranger.
Manna has grown continually from its inception in 2003 when Paul Saber and Patrick Rogers opened their first Panera café in San Diego. Through aggressive new store development and the successful integration of 6 additional acquisitions, Manna has grown to become one of the largest Panera Bread franchisees. Manna’s mission statement is built on the Golden Rule, to treat others as we ourselves would want to be treated, and a heart of service and a desire for excellence, all deeply rooted in everything Manna does.
“Paul and Patrick have built an amazing culture and tremendous operational discipline throughout their organisation,” says Chad Spaulding, a Managing Director at CapitalSpring, and “we are thrilled with the opportunity to invest in one of the best franchise operators in an industry‐leading fast casual restaurant brand.”
Jason Ruiz, a Vice President at CapitalSpring, adds: “We have grown to admire and respect the entire leadership team and look forward to supporting Manna’s continued expansion.”
“CapitalSpring delivered a unique financing solution that allowed us to achieve our strategic goals, while maintaining ownership and control of our company,” says Paul Saber, President & CEO of Manna. “We have enjoyed building our relationship with CapitalSpring in recent years and have been impressed not only by their ability to deliver on promises, but also their tremendous restaurant perspective and resources. We look forward to a long relationship with CapitalSpring and appreciate their support to date.”
Trinity Capital LLC served as financial advisor, and Snell & Wilmer served as legal advisor to Manna in connection with the transaction. CapitalSpring was represented by Chapman & Cutler.
