Manna Development Group Completes Acquisition of 38 Cafés to Become One of Panera Bread’s Largest Franchisees

May 15, 2018

ENCINITAS, Calif. & NEW YORK--(BUSINESS WIRE)--May 15, 2018--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.

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For CapitalSpring


Jake Malcynsky, 203-682-8375




SOURCE: CapitalSpring

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PUB: 05/15/2018 09:00 AM/DISC: 05/15/2018 09:03 AM


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