Panera Bread on Tuesday completed the sale of Au Bon Pain to Ampex Brands, a large Yum Brands and 7-Eleven franchisee, opting to shed the concept for the second time in 30 years.
Terms of the deal were not disclosed, but the acquisition will increase Ampex’s revenue by 10% a year. Au Bon Pain has 171 locations.
“We see a solid future for both Au Bon Pain and our broader portfolio,” Ampex CEO Tabbassum Mumtaz said in a statement. He noted that the company’s quick-service brands “performed extraordinarily well throughout the pandemic,” allowing the company to diversify and “jump on a great opportunity to reposition a legacy brand.”