Flynn Restaurant Group LP (FRG) has announced that is has purchased 47 Panera Bakery Cafes in the San Francisco Bay Area, Sacramento area and Washington State.
"We have been looking for some time to plant a flag in the fast casual segment," said Greg Flynn, CEO, "and as the segment leader, Panera was a natural choice. Panera's focus on healthy food and accommodating every dining occasion, supported by their commitment to making maximum use of technology, makes it a perfect fit with the direction the US is headed today.”
He continued, “Add to that Panera's tremendous brand strength, leadership team and franchise community, and I am confident we couldn't have landed in a better place. We are excited to join the Panera franchise community and look forward to growing within it."
This acquisition brings FRG’s total to 729 restaurants and $1.7 billion in sales. For this deal, FRG purchased 45 of the cafes from Panera, LLC, and 2 from Golden Gate Bread, LLC.
"I have known Greg for many, many years and have the deepest professional and personal respect for Greg and his organization. We're extremely pleased to welcome Greg and the Flynn Restaurant Group to the Panera family. Unquestionably, together we can make an even bigger difference in the lives of people by serving good food in warm, uplifting environments, creating a rewarding workplace, and contributing to local communities, one bakery-cafe at a time," said Panera Bread Founder and CEO Ron Shaich.
According to a press release, the Panera, LLC portfolio includes an additional six bakery cafes in development that are expected to open in 2016, bringing FRG’s total to 53 units.