USHG Acquisition Corp. to Become Cornerstone Partner with Panera Brands | Financial Buzz

USHG Acquisition Corp. to Become Cornerstone Partner with Panera Brands

Sponsored by an affiliate of Union Square Hospitality Group, LLC, USHG Acquisition Corp. (NYSE: HUGS) including Panera Brands, Caribou Coffee and Einstein Bros. Bagels have reported signature on an agreement where HUGS will become a cornerstone partner with Panera Brands.  Danny Meyer plans to invest directly in Panera Brands at time of the previously announced Panera Brands IPO and become Lead Independent Director of Panera Brands’ board following completion of the IPO.  The close of the transaction will take place after the completion of the Panera Brands IPO, which will go through a customary IPO process with approval of HUGS shareholders.  Danny Meyer, Chairman of HUGS and founder of Union Square Hospitality Group said, “Under CEO Niren Chaudhary’s leadership, Panera Brands embodies values consistent with HUGS and our Enlightened Hospitality roots, demonstrating that shareholder success is dependent on and driven by an employee-first stakeholder culture. Importantly, Panera Brands meets our investment criteria to combine with a purpose-driven business that is scalable and built for the long-term; a market leader whose greatest strength is its talent and heart; a company where people love to work and with which customers, suppliers and partners love doing business. We are excited to partner with Panera Brands alongside JAB.”

Niren Chaudhary, Chief Executive Officer of Panera Brands, stated, “We’ve long admired Danny’s work as he built some of today’s most beloved brands with a relentless focus on hospitality and culture. The values of Panera Brands, which are based on a belief that we can be force multipliers for good, creating a positive impact on our communities and the planet, are values shared with Union Square Hospitality Group. We look forward to partnering to capitalize on the global growth opportunity for our brands.”

David Bell, Senior Partner at JAB said, “We are excited to have Danny Meyer and HUGS as key partners with Panera Brands and for Danny to join Niren and the team as an active participant in its long-term success alongside Panera Brands shareholders. This transaction unites two of the world’s leading hospitality organizations to work together on a successful transaction.”

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