Panera buys 51% of Paradise Bakery for $21.1MM

St. Louis Business Journal: Panera Bread has agreed to buy 51 percent of the outstanding stock in Paradise Bakery & Café Inc., a Southwest region restaurant chain, in a deal worth $21.1 million.

 

Paradise owns and operates 24 upscale bakery-cafes, 17 of which are in the Phoenix market, and is the franchisor for 20 franchised locations in 10 markets. In addition to Arizona, Paradise has operations in Washington, Oregon, California, Utah, Colorado, Nebraska, Texas, Indiana and Massachusetts.