ENCINITAS, Calif. & NEW YORK--(BUSINESS WIRE)--Manna Development Group (“Manna”) announced today that it has acquired 38 Panera Bread cafés in Colorado, expanding Manna’s operating footprint to over 130 Panera Bread cafés across 7 states. CapitalSpring, a leading private investment firm focused exclusively on the branded restaurant industry, structured and led the acquisition financing and recapitalization. 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 organization,” said 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, added “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,” said 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 L.L.P. served as legal advisor to Manna in connection with the transaction. CapitalSpring was represented by Chapman & Cutler L.L.P.
About CapitalSpring
Founded in 2005, CapitalSpring is a
private investment firm focused exclusively on the restaurant industry.
The Firm currently manages assets of approximately $1.3 billion and has
completed investments in over 50 different restaurant brands and more
than 4,000 restaurant locations. CapitalSpring focuses on supporting
proven restaurant operators with a range of structured credit and
private equity solutions and has offices in Nashville, Los Angeles,
Atlanta, and New York. For more information about CapitalSpring, please
visit www.capitalspring.com.
About Owl Rock Capital
Owl Rock Capital is a direct lending
platform focused on middle-market businesses across a variety of
industries. Partnering with financial sponsors and private companies,
Owl Rock Capital can lead or anchor highly customized financings. Formed
in 2016, Owl Rock Capital has raised $5.5 billion of equity commitments
to date and currently has $6.2 billion in assets under management. Owl
Rock Capital is based in New York City. For more information, please go
to www.owlrock.com.
