Yum! Brands and 7-Eleven franchisee Ampex Brands has purchased bakery and cafe chain Au Bon Pain, helping to expand its international reach.
Financial terms were not disclosed.
The seller was Panera Bread, part of privately held JAB Holding Co. which owns a range of companies including Pret a Manger. Another one of its companies, Krispy Kreme, is set to go public this week.
Ampex owns more than 400 restaurants and convenience stores. The deal, which closed Tuesday, makes the Richardson, Texas company a franchisor for the first time in its 16-year history. The transaction includes 171 Au Bon Pain locations as well as franchising rights to an additional 131 locations.
“Our quick service restaurant brands performed extraordinarily well throughout the pandemic as guests moved to drive-thru,” Ampex founder CEO Tabbassum Mumtaz said in a statement. “The bakery café category will rebound, and Au Bon Pain is well-positioned to grow.”
Au Bon Pain got its start in Boston in 1981. Ampex’s initially plans to focus on Au Bon Pain’s existing cafés in key markets in the Northeast and mid-Atlantic. Once existing cafés are reopened and seeing positive results, Ampex will look to expand, starting with corporate-owned locations.