BOSTON and WHITE PLAINS, N.Y., March 4 /PRNewswire/ -- Au Bon Pain, aleader in the fast casual restaurant category specializing in high-quality,fresh foods, and LNK Partners, a private equity firm focused on theconsumer/retail sector, today announced that they have completed therecapitalization of Au Bon Pain. LNK and Au Bon Pain management acquired amajority ownership interest in the company with more than $100 million offresh equity invested in the transaction. The investment will support thecompany's expansion strategy in the United States and in selected globalmarkets. Founded 30 years ago, Au Bon Pain operates comfortable cafeenvironments emphasizing hospitable service and fresh, high-quality foodswith a focus on breakfast, lunch and light fare. Boston-based Au Bon Paintoday operates 226 bakery cafes systemwide, including company ownedlocations and franchise cafes in the U.S. and internationally. In 2007, AuBon Pain generated sales revenue of almost $300 million systemwide. "We look forward to a productive partnership with the Au Bon Painmanagement team," said Henry Nasella, a founding partner of LNK Partners."The Au Bon Pain brand is highly recognized and uniquely positioned with astrong and differentiated consumer value proposition." Sue Morelli, President and Chief Executive Officer of Au Bon Pain,said, "LNK's investment and strategic guidance will support the company'sexpansion strategy in the U.S. and in selected global markets. We areexcited to work together to create value for all of Au Bon Pain'sstakeholders." Jeff Perlman, a Managing Director of LNK Partners, said, "Au Bon Painis poised for significant growth, building on its success in the U.S. andinternationally over the past 30 years. Further, the company's conservativecapitalization will support, rather than hinder, this anticipated futuregrowth." CapitalSource, the company's incumbent lender, provided the debtfinancing for the transaction. Intermediate Capital Group provided juniordebt. Piper Jaffray & Co. acted as financial advisor to LNK, MarkSaltzgaber as consultant, and Kirkland & Ellis LLP as legal counsel.Brookwood Associates acted as financial advisor to Au Bon Pain and NixonPeabody LLP as legal counsel. About Au Bon Pain Founded in 1978, Au Bon Pain ("the place of good bread") has grown intoan internationally recognized leader in the fast casual restaurantcategory. The restaurant's signature items -- bread, pastries, salads,soups, sandwiches, Harvest Rice Bowls and coffee -- are served in welcomingcafe environments emphasizing quick service and hospitality. Au Bon Painoffers consumers a wide array of delicious, nutritional menu items createdunder the direction of award-winning chef Thomas John and his culinaryteam. The company's innovative Nutritional Kiosk allows consumers to obtaindetailed nutritional information on each of the restaurant's menuselections. Au Bon Pain currently operates 226 bakery cafes in the U.S. andinternationally. Its 121 company owned locations are concentrated inBoston, Chicago, New York, Philadelphia, Pittsburgh and Washington, DC.There are 61 franchise cafes in 20 states in the U.S., and 44internationally, including 34 in Thailand, where Au Bon Pain has operatedfor more than a decade, as well as South Korea and Taiwan, with locationssoon to open in Tokyo, Dubai and Kuwait. The company operates in five keytrade channels including urban office buildings, hospitals, universities,transportation centers and malls. Au Bon Pain is headquartered in Boston.
Contacts: For Au Bon Pain Hilary Allard The Castle Group, Inc. Tel: 617.337.9524
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