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Au Bon Pain has a new owner, and it was acquired by Ampex Brands, the operator of the 7-Eleven franchise and Yum! Brands that has KFC, Taco Bell, and more under its belt.
The American fast-casual restaurant, bakery, and café chain headquartered in Boston has been sold once again after Panera put it up for sale. The acquisition was announced on Wednesday, June 30.
Acquisition announcement
It was reported that the deal between Ampex Brands and Panera was finalized on Tuesday, June 29, so it was publicly revealed the next day. Fox Business reported that Ampex is currently operating more than 400 restaurants and convenience stores, and the deal will further expand the company’s portfolio.
With the acquisition, Ampex will effectively add 171 Au Bon Pain stores to its list of food businesses. It was added that the agreement also gives Ampex franchising rights to 131 other locations. The bakery chain is also a popular brand, so Ampex is expecting an increase in profits by as much as 10% a year.
"We see a solid future for both Au Bon Pain and our broader portfolio," Ampex CEO, Tabassum Mumtaz, said in a statement. "Our QSR brands performed extraordinarily well throughout the pandemic as guests moved to drive-thru. That performance allowed us to diversify and jump on a great opportunity to reposition a legacy brand. The bakery café category will rebound, and Au Bon Pain is well-positioned to grow."
Panera struggled to keep Au Bon Pain’s sales up
Panera acquired the bakery in 2017, and in recent years, it struggled to keep sales up, so it ended up selling all of its 171 branches. This is a big number, but both Ampex and Panera did not disclose the terms and value of their agreement.
Meanwhile, CNN Business reported that the acquisition of Au Bon Pain will make Ampex Brands a franchisor for the first time since it has always been a franchisee. As part of the plans to expand and market its newly acquired bakery chain, it will be focusing on the existing branches first, then, later on, it will build more stores in key market locations in the Northeast and mid-Atlantic regions.
