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Au Bon Pain

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ABP OPCO, LLC.
Au Bon Pain
Company typeSubsidiary
IndustryFast-casual restaurant, bakery, and café
Founded1976; 48 years ago (1976) in Boston
Founder
  • Louis Rapuano
  • Louis I. Kane
Headquarters
Richardson, Texas
,
United States
Number of locations
171 (2021)[1]
Area served
  • United States
  • Canada
  • Thailand
  • Taiwan
Products
  • Breakfast
  • lunch
OwnerAMPEX Brands
Websiteaubonpain.com
Former Au Bon Pain headquarters in Boston
Au Bon Pain at Siam Square in Bangkok
Au Bon Pain in the Hesburgh Library at the University of Notre Dame

ABP OPCO, LLC, doing business as Au Bon Pain, (French pronunciation: [o bɔ̃ pɛ̃], meaning "at the good bread"[2]) is an American fast casual restaurant, bakery, and café chain headquartered in Richardson, Texas, which operates 175 locations in the United States, Thailand, and Taiwan.[3] The company is currently owned by AMPEX Brands.

Au Bon Pain serves baked goods such as bread, pastries, croissants, bagels; tea, coffee, and espresso beverages; breakfast foods such as egg sandwiches; and lunch items such as soups, salads, and sandwiches. The company also offers catering services.[4]

Most Au Bon Pain locations are on the East Coast of the United States, with franchise locations in 17 states around the country.[5]

History

[edit]

Pavailler,[6] a French manufacturer of baking equipment, established the company as a showcase for its ovens in 1976 at Faneuil Hall in Boston. The company's principals included Louis Rapuano, Pavailler, and two minor investors; Pavailler contributed baking machinery to the venture. Au Bon Pain sold croissants, pastries, and bread produced by French bakers. In 1977, it opened stores in Hackensack, New Jersey and New York City.[7]

In 1978, Au Bon Pain was acquired by Louis I. Kane, a venture capitalist who liked how its products smelled, for US$1.5 million (equivalent to US$7 million in 2023).[8] The business model was changed to sell baked goods instead of ovens.[3] Francois Marin was hired to open and manage the first Au Bon Pain in Boston's Quincy Market.[9]

By 1980, Au Bon Pain had over US$1 million (equivalent to US$3.7 million in 2023) in sales but was still losing money.[10][11][12]

In 1981, the company was suffering from debt and on the verge of bankruptcy, and Ronald M. Shaich and his father acquired a 60% stake.[11]

In 1991, Au Bon Pain was listed on the stock market[which?] via an initial public offering.[13]

In 1993, the brand acquired Saint Louis Bread Company, the predecessor of Panera Bread, for US$23 million (equivalent to US$48.5 million in 2023).[11][13][14][15] It also acquired the U.S. bakery locations of Warburtons, which were converted to Au Bon Pain stores.[16]

In 1996, the company announced plans to upgrade the interior of its stores after reporting a loss.[17]

In 1997, Au Bon Pain considered opening locations in Peru.[18]

In 1999, Au Bon Pain Co. Inc. (later renamed Panera Bread) sold its Au Bon Pain division to Bruckmann, Rosser, Sherrill & Co. In 2000, it was sold to Compass Group.[19]

In 2000, the company reached a franchise agreement with Gourmet Coffee Co. Ltd. of Taiwan to open the first locations of Au Bon Pain in Taipei.[20]

Au Bon Pain had a store in the underground shopping mall at the World Trade Center in New York. This location, like many other shops in the mall, was destroyed in the September 11 attacks in 2001.[21]

In 2005, Au Bon Pain management, in partnership with PNC Financial Services, purchased 75% of the company; Compass Group retained the remaining 25%.[22]

In March 2008, LNK Partners, a private equity firm, acquired a controlling interest in the company.[23]

In 2011, all of its locations were renovated in a major remodeling program.[24]

In 2012, the number of Au Bon Pain locations peaked at over 200.[25]

In 2013, the company announced that by 2017, it would only use free-range eggs.[26]

In 2014, under the leadership of Sue Morelli, Au Bon Pain was named one of the top female-led businesses in Massachusetts.[27]

In January 2015, Au Bon Pain hired Katherine See as its executive chef.[28]

In June 2016, Morelli retired, and Ray Blanchette was named president and CEO.[29]

On November 8, 2017, Panera Bread announced the acquisition of Au Bon Pain, which had split off from Panera in 1999 after being created in 1981.[13][30][31][32] Following the deal, Ron Shaich stepped down as the chief executive, to be succeeded by Blaine Hurst, Panera's president.[33]

In December 2019, Au Bon Pain closed its last remaining Cambridge, Massachusetts store, ending over 35 years of business in their former flagship city.[34]

In June 2021, AMPEX Brands purchased the chain from Panera Bread in a deal that included around $60 million in assets. The agreement ensured the preservation of the Au Bon Pain brand in light of the closing and conversion of various Au Bon Pain locations into Panera Bread stores. AMPEX Brands declined to disclose the exact value of the deal but confirmed the inclusion of assets and franchise rights for 131 additional locations.[35][36] AMPEX Brands also concurrently announced the move of the company's headquarters from Boston to its own headquarters in Texas.[37][38]

Decreased urban foot traffic caused by the COVID-19 pandemic resulted in more closures, leaving only 123 stores in the United States. After a long downward trend, new locations started opening again under the new ownership, starting in a Macy's in Queens Center Mall.[25]

In 2024, the last location in Boston, in the South Station train terminal, closed.[39]

See also

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References

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  1. ^ Lucas, Amelia (June 30, 2021). "7-Eleven and Yum Brands franchisee buys bakery-cafe chain Au Bon Pain". CNBC. Archived from the original on November 9, 2021. Retrieved March 20, 2022.
  2. ^ King, Christina B (March 14, 2013) [1992-06-24]. "AU BON PAIN Trademark of ABP OPCO LLC – Registration Number 1757444 – Serial Number 74287859 : Justia Trademarks". Justia. Archived from the original on October 28, 2018. Retrieved March 19, 2022.
  3. ^ a b "About Us | Au Bon Pain". Au Bon Pain. Archived from the original on March 18, 2022. Retrieved March 19, 2022.
  4. ^ "Catering | Au Bon Pain". Au Bon Pain. Archived from the original on March 18, 2022. Retrieved March 19, 2022.
  5. ^ "All Locations | Au Bon Pain". Au Bon Pain. Archived from the original on April 5, 2024. Retrieved April 5, 2024.
  6. ^ "Bakery and pastry ovens – Pavailler". Pavailler. Archived from the original on March 19, 2022. Retrieved March 19, 2022.
  7. ^ McNiff, Veronica (September 19, 1977). "Bakery: Au Bon Pain". Architecture: Tomorrowland Today. New York. Vol. 10, no. 38. ISSN 0028-7369. OCLC 50754475. Retrieved January 6, 2020 – via Google Books.
  8. ^ 1634–1699: McCusker, J. J. (1997). How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States: Addenda et Corrigenda (PDF). American Antiquarian Society. 1700–1799: McCusker, J. J. (1992). How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States (PDF). American Antiquarian Society. 1800–present: Federal Reserve Bank of Minneapolis. "Consumer Price Index (estimate) 1800–". Retrieved February 29, 2024.
  9. ^ Kolnos, Jason (February 29, 2004). "Serving up fun: Francois Marin, retired founder of Au Bon Pain chain turns attention to volleyball league for seniors". Cape Cod Times. Archived from the original on March 19, 2022. Retrieved March 19, 2022.
  10. ^ Stewart, Brandi (December 7, 2007). "Pastry parlay: From Au Bon Pain to Panera; How Panera Bread founder Ron Shaich sold his first business to build his second". CNN. Archived from the original on March 28, 2019. Retrieved March 19, 2022.
  11. ^ a b c Kowitt, Beth (July 17, 2012). "A founder's bold gamble on Panera". Fortune. Archived from the original on March 27, 2019. Retrieved March 19, 2022.
  12. ^ "Panera founder Ron Shaich '76 to speak at commencement, May 18". Clark University (Press release). March 26, 2014. Archived from the original on February 24, 2021. Retrieved March 19, 2022.
  13. ^ a b c Panera Bread (November 8, 2017). "Panera Bread Announces Definitive Agreement to Acquire Au Bon Pain". Globe Newswire (Press release). Archived from the original on April 12, 2019. Retrieved March 19, 2022.
  14. ^ Deagon, Brian (January 25, 2010). "Panera's Ron Shaich Really Rolls in the Dough" (PDF). Investors.com. Archived (PDF) from the original on September 28, 2020. Retrieved March 19, 2022.
  15. ^ "Au Bon Pain to Acquire Saint Louis Bread Company". The New York Times. Associated Press. November 12, 1993. Retrieved March 19, 2022.
  16. ^ "Au Bon Pain bakery cafes take over Warburtons restaurants". United Press International. Pittsburgh. January 25, 1993. Archived from the original on October 29, 2018. Retrieved March 20, 2022.
  17. ^ "Au Bon Pain Stock Drops 11% on News That Loss Is Expected". The Wall Street Journal. Boston. October 7, 1996. Retrieved March 20, 2022.
  18. ^ "U.S. Bakery Chain Au Bon Pain May Open Operations in Peru". Lima: The Wall Street Journal. Associated Press. October 12, 1997. Retrieved March 20, 2022.
  19. ^ Goodison, Donna L. (December 4, 2000). "Au Bon Pain acquisition may be near". Boston Business Journal. ISSN 1943-6343. Archived from the original on February 15, 2006. Retrieved March 20, 2022.
  20. ^ Goodison, Donna L. (April 3, 2000). "Au Bon Pain to serve its concept in Taiwan's capital city". Boston Business Journal. ISSN 1943-6343. Archived from the original on December 18, 2002. Retrieved March 20, 2022.
  21. ^ "Port Authority: World Trade Center". Archived from the original on April 21, 2001.
  22. ^ Stempel, Jonathan; Dorfman, Brad (January 16, 2008). "LNK to buy majority stake in Au Bon Pain". Reuters. Archived from the original on October 29, 2018. Retrieved March 20, 2022.
  23. ^ "Au Bon Pain Acquisition by LNK Partners and Management Closes". American Banker (Press release). Boston and White Plains, New York. PR Newswire. March 5, 2008. Retrieved March 20, 2022.
  24. ^ "Au Bon Pain Launches Cafe Remodel Program as Part of National Expansion Strategy; Transforms New York City Cafes". PR Newswire (Press release). June 8, 2011. Archived from the original on October 29, 2018. Retrieved March 20, 2022.
  25. ^ a b Au Bon Pain begins adding locations again
  26. ^ "Au Bon Pain Continues Shift to Eggs from Cage-Free Hens; Commits to 100% Gestation Crate–Free for Pork". Business Wire (Press release). Boston. January 21, 2013. Archived from the original on October 29, 2018. Retrieved March 20, 2022.
  27. ^ "2014 Top 100 Women-Led Businesses in Massachusetts". The Boston Globe. October 25, 2014. ISSN 0743-1791. Archived from the original on October 28, 2018. Retrieved March 20, 2022.
  28. ^ Thorn, Bret (January 16, 2015). "Au Bon Pain names new corporate executive chef". Nation's Restaurant News. ISSN 0028-0518. Archived from the original on April 13, 2019. Retrieved March 20, 2022.
  29. ^ "Au Bon Pain Appoints Ray Blanchette as President and CEO" (Press release). Boston: PRWeb. June 24, 2016. Archived from the original on March 11, 2022. Retrieved March 20, 2022.
  30. ^ Jargon, Julie (November 8, 2017). "Panera Bread Founder Ron Shaich to Step Down as CEO". The Wall Street Journal. Retrieved March 20, 2022.
  31. ^ Harris, David L. (November 8, 2017). "Panera will buy Au Bon Pain to gain bigger slice of bakery-cafe market". Boston Business Journal. ISSN 1943-6343. Archived from the original on March 20, 2022. Retrieved March 20, 2020.
  32. ^ Meyer, Zlati (November 8, 2017). "What's buzzing at Panera? It's buying Au Bon Pain and the CEO is resigning". USA Today. ISSN 2165-1779. Archived from the original on April 14, 2021. Retrieved March 20, 2022.
  33. ^ Hsu, Tiffany (November 8, 2017). "Panera Bread Buys Au Bon Pain, Adding to JAB's Breakfast Empire". The New York Times. ISSN 0362-4331. Archived from the original on November 9, 2020. Retrieved October 16, 2019.
  34. ^ Levy, Marc (December 16, 2019). "Final Cambridge Au Bon Pain closes Tuesday, wrapping up 35 years in former flagship city". Cambridge Day. Archived from the original on March 20, 2022. Retrieved October 28, 2020.
  35. ^ Haddon, Heather (June 30, 2021). "WSJ News Exclusive | Au Bon Pain Bought by Restaurant Franchisee Ampex". Wall Street Journal. ISSN 0099-9660. Retrieved June 30, 2021.
  36. ^ Rosen, Andy. "Boston stalwart Au Bon Pain sold, again". Boston Globe. Archived from the original on June 30, 2021. Retrieved June 30, 2021.
  37. ^ Welker, Grant (June 30, 2021). "Au Bon Pain bought by Texas franchisee". Boston Business Journal. ISSN 1943-6343. Archived from the original on March 20, 2022. Retrieved March 20, 2020.
  38. ^ Lucas, Amelia (June 30, 2021). "7-Eleven and Yum Brands franchisee buys bakery-cafe chain Au Bon Pain". CNBC. Archived from the original on November 9, 2021. Retrieved March 20, 2022.
  39. ^ Umholtz, Katelyn (January 9, 2024). "Au Bon Pain in South Station closes, reportedly the last Boston location of the cafe chain". Boston.com. Archived from the original on April 5, 2024. Retrieved April 5, 2024.
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