Panera Brands, which is backed by private equity firm JAB Holding, has tapped Bank of America (BAC) to help the company explore a sale of Caribou Coffee and Einstein Bros Bagels, as well as its other bagel brands, in a deal that could value the chains at more than $1.5B, people familiar with the matter told Reuters’ Abigail Summerville. Other restaurant operators and private equity firms are interested in bidding for the assets, the sources reportedly said. Publicly traded restaurant companies in the coffee and breakfast space include Starbucks (SBUX), Krispy Kreme (DNUT), Dutch Bros (BROS), McDonald’s (MCD), Restaurant Brands (QSR) and Wendy’s (WEN).
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